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What do you think about Capitalism?

Since the 2008 ongoing worldwide financial crisis, more people have adopted negative and critical views as regards to financial system of capitalism. "Capitalism is the destruction of capitalism", "capitalism is a flawed system", " capitalism is neo-colonialism", are recurrent subject topics at the center of fierce political debates and disputes.

Nevertheless, can one say that capitalism is inherently flawed? Hasn't capitalism benefited us Westerns and non-Westerners in many perspectives?

I believe it is not the financial system in itself which is a failure, but the establishment of a capitalist identity, which is enhancing ever lasting critiques of the capitalism system.

Hasn't Capitalism led a fairer economic system? Enabled more freedom of the individual? Led many markets across the world to finally compete within the international market? Enhanced standardization of prices and extended more availability of choice and variation?

What needs to be changed, is not they way in which the system works, but the ideals and attributes of leading capitalist merchants. Capitalism has triggered - within a great number of people- a feeling of individualism, vanity and consumerism. However, this is NOT the case of every person who is "capitalist". What needs to be altered is people mindset, and what is truly required is a revival of the study of business ethics. One needs to stress the importance of contributing to society, rather than making profit. We need for people to think of society before profit. Business ethics needs to re-entrench itself in people's minds in order for society to function in a better manner, which will further lead to economic flourishment, and overall prosperity.


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    May 2 2012: you are half right

    you are right about capitalism being the system that granted us the prosperity we have today. it reduced suffering, inequality, poverty. it granted people opportunities and comfortable life.

    the problem, on the other hand, is not some capitalists. greedy people are here to stay. they always were around. but how can a greedy person really thrive? he can either try to rip off someone. it usually leads to prison. in some cases, like bernie madoff, it can go on for years, causing big harm. but all frauds fall sooner or later. or a greedy person can start a business. a business like microsoft, walmart, caterpillar, nike, ford. he can come up with a way to serve people better. this is the way to make a fortune. a few succeeds, but they can build empires. they can have private space projects, and 5 story yachts. they can bath in gold coins like dagobert did. but at the same time they make, unintentionally, many people better off. they make things cheaper and better. granted, many rich men are also philanthropists. but even those that aren't, still greatly benefit everyone. they are the pioneers, the promoters of technology, and the bringers of wealth to society. charity is just icing on the cake.
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    May 29 2012: Dear Elisa:
    Fortunately or unfortunately (you choose) Capitalism is the ONLY system we have since Communism has proven to be only a tragic utopia. Since Capitalism is the only system, all we can do is try to improve it.
    In my view, Capitalism can be improved by the national States by distribution of money and services to the poorer and weaker parts of the population of each country. That's the so called Welfare State... There is no alternative.
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    May 28 2012: Capitalism has been benefitial to most citizens of the industrial nations,capitalism has its advantages for the developing nations.
    Compared to other economic systems I think it is the one that upholds the tenets of democracy.

    Sometimes we try to find fault in systems when the major flaws are in humans.
    The problem as it is now is the desperate approach to making more money, which reveals itself in unfair labour practices,environmental degradation(even the continous hunt for endangered species like the Rhino and the Shark),senseless wars and vague moral and ethical codes.
    These are the pitfalls of all human systems.
    It is usually a case of some fatal flaw bringing cruel, greedy and selfish people to the top, leading to a slide to failures and ruins.

    The weaknesses would also reveal itself in other economic systems: there will always be the lazy, who thinks the government should pamper him or her with wealth for doing little or nothing; there would be the greedy who would believe that nothing should be spared in the quest for more money.
    Then there are the multinationals who pull governments like puppets at the expense of the citizens.
    Sometimes it is called 'free market'; but all the regulations and systems would only favour big spenders and monopolies.

    Bill Gates advocates creative capitalism. Yes, capitalism will be ideal if it has humanity. If it is done without greed, pride and selfishness. For these three vices are the death of all good human ideas and systems.
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    May 19 2012: Have you noticed that the millionares who preach against the 1% (Obama) have not given up a red cent, lowered his pay, or even helped his Aunt who is on US welfare, or his Uncle who is a street bum about to be departed. Talk is cheap. This is political window-dressing and a plea for voter support. Capitalism is not the problem. We all have the opportunity to become wealthy. The problem is all the people who think they deserve a piece of the pie that they have not earned or deserve. That promises of "free" this or that is possible. We have become a welfare state with many generations of welfare recipents. What needs re-newing, my opinion, is the work ethic that made us great. All thye best. Bob.
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      May 27 2012: The problem, as always, is people and power, all power corrupts evientualy due to self preservation, personal gain and ego.

      A welfare state were most of the money goes to big business and is spun to not be socialism, but universal healthcare is? And how many "hard working" people make that happen so the rich can have gold yachts? There would be no rich without the toil of the poor worker. Can someone with a learning disability have the same potential to become rich? No, so not everyone "has the opportunity to become wealthy".

      How hard does he work to "earn" 5 billion US$ in a year from selling junk bonds to greedy stupid people?

      It seems that the west drifts from more to less market regulation based on the public perception, we are in a space now like it was 100 years ago with the markets: less regulation-more concentraited wealth, more regulation-less concentraited wealth, with all governments under the thumb of big business. The ease of politicial leadership to become beholdent to the will of big business for personel gain, media for distracting the mob, divide and conquer the masses.

      One answer may be to ban all funding for politicial parties, pay all politicians the minium wage and make them pass a moral exam to enter.

      But to me there is a equal problem with capitalism too, the end of the industrial revoulition, when robots take most of the work in the next 10 to 20 years, there will be no wages, no wages means no consumsion, no consumsion means no more capitialism, what happens then?????? dun dun darrr.

      one answer might be this:
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    May 2 2012: Since there is nothing new under the sun, what existing economic system would replace capitalism if it were truly mortally flawed?
    According to Wikipedia the basic and general economic systems are:
    Market economy ("hands off" systems, such as Laissez-faire capitalism)
    Mixed economy (a hybrid that blends some aspects of both market and planned economies)
    Planned economy ("hands on" systems, such as state socialism)
    Traditional economy (a generic term for older economic systems)
    Command (Centrally Planned or Socialist) Economic Systems: (a generic term for older economic systems)
    Participatory economics (a system where the production and distribution of goods is guided by public participation)
    Gift economy (where an exchange is made without any explicit agreement for immediate or future rewards)
    Barter economy (where goods and services are directly exchanged for other goods or services)