The Economic Capitalist Plague

Red
Oct 9, 2023
4 min read

Updated: Oct 1, 2024

Throughout history, various economic and political models have risen and fallen, each with its own strengths and glaring weaknesses. These systems have played pivotal roles in shaping the course of human societies, influencing everything from wealth distribution to social mobility. In this article, we embark on a journey through time, examining these economic models and scrutinizing their inefficiencies and flaws. From feudalism to classical liberalism, we'll uncover the roots of our current predicament and explore alternative visions for a more equitable future.

PHOTO CREDIT: Image by rawpixel.com on Freepik

Feudalism: A System of Inequality

The medieval system of feudalism, prevalent in Europe for centuries, was marked by a rigid hierarchical structure. Lords owned vast expanses of land, which they parceled out to vassals in exchange for loyalty, military service, and financial support. In turn, vassals subinfeudation portions of their land to serfs, who toiled the soil and provided services to their lords and vassals. Feudalism offered a semblance of stability during tumultuous times but came with severe drawbacks.

While feudalism provided a sense of order, it came at the cost of entrenched inequality. The privileged lords wielded immense power and wealth, while the serfs, bound to the land and their masters, had little freedom or rights. Social mobility was a distant dream, and the majority of serfs struggled to eke out a living while toiling for the benefit of their lords. In essence, feudalism prioritized the interests of the elite over the well-being of the masses, setting the stage for social unrest [1].

Mercantilism: Fostering Wealth Through Exploitation

In the 16th century, mercantilism took center stage as an economic system fixated on trade and state intervention. It revolved around the belief that a nation's wealth was directly tied to the accumulation of precious metals like gold and silver. Mercantilist policies sought to boost a nation's wealth by promoting exports while curbing imports. Yet, this approach often led to trade conflicts and hindered innovation by shielding domestic industries from competition [2].

Moreover, the age of colonialism played a pivotal role in the success of mercantilism. European powers exploited their colonies, extracting resources to gain a competitive advantage in trade. This colonial exploitation had far-reaching consequences, impoverishing colonized populations, and eroding their cultures.

Unfortunately, the legacy of mercantilism and colonialism continues to haunt us, manifesting itself in today's global economic and political structures. These systems sowed the seeds of inequality and exploitation that persist in the modern era.

Classical Liberalism: Emphasizing Freedom, Neglecting Inequality

In response to the French Revolution, classical liberalism emerged in the 19th century, championing individual rights and free trade. This ideology extolled limited government intervention and celebrated individual freedom. However, it fell short of addressing pressing issues. Income disparities remained vast, and workers and the environment lacked protection, as there were no laws to safeguard their interests [3].

Neoliberalism: Privatization and Deregulation

In the late 20th century, neoliberalism our current global system was born, reviving classical liberal ideals with a focus on deregulation and privatization. It aimed to stimulate economic growth and safeguard individual freedoms, but it has exacerbated income inequality and neglected the well-being of workers and the environment, which is why we heavily criticize it. Deregulation and privatization policies often resulted in a lack of government oversight, leading to environmental degradation and worker exploitation [4].

A Predatory Pattern

After closely examining all these economic systems, a common thread is found: a fundamental flaw that favors the interests of a few while exploiting the majority. Each of these systems perpetuates a social hierarchy where the upper class benefits from the labor of the lower classes, leaving the latter with little but the promise of upward mobility that rarely materializes. This results in a deeply unequal society that is plagued by poverty and social unrest. In the end, Capitalism is nothing but a form of "Neo-feudalism".

The Path Forward: Prioritizing People Over Profits

It's crucial to recognize that our current economic systems have consistently failed to prioritize the welfare of people and ensure equality. We must chart a new course, one that values people over profits and provides equal opportunities for success regardless of financial status. The notion that hard work alone leads to prosperity is a myth, and it is time to embrace a new economic system—one that prioritizes the many over the rich few.

Capitalism's Unchecked Appetite

One of capitalism's key principles is the relentless pursuit of wealth, often at the expense of our planet's well-being. Capitalism has a reputation for prioritizing profits above all else, even if it means endangering our environment. If we persist down this path, we jeopardize our planet's future. It is imperative to consider the consequences of our actions and to act responsibly.

At Politdigm, we are deeply committed to addressing the issues surrounding capitalism and its impact on society. We have regularly delved into these concerns in previous articles and even on episodes of our Podcast, shedding light on the flaws of the current system and proposing alternative solutions. Project POP and Green Event Horizon are both good examples of our dislike towards these issues. If you want to learn more about them click here.

Conclusion

As we reflect on the evolution of economic systems, it becomes increasingly evident that these models have fallen short in prioritizing the correct thing, the well-being of all individuals. The flaws inherent in feudalism, mercantilism, classical liberalism, and neoliberalism show us the urgent need we have for a new global economic system. One that places the needs of people at the forefront rather than large corporations. Our current capitalist principles have failed to serve the majority, perpetuating a cycle of inequality and social unrest. It is time to forge a new path—one that values human values over economic gain and ensures a sustainable and equitable future for generations to come.

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