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Is capitalism sustainable?
Bono stated in his TED2013 talk that the numbers show that we can eradicate all poverty worldwide by 2030. While I really hope that is true, it begs the question: Is capitalism sustainable? Is it possible to have a rich and middle class without a poor class? The sad reality of capitalism is that if there is an exponentially small number of people with exponentially large wealth, there has to be an exponentially long tail of much poorer people who are each contributing to that wealth. Not that we necessarily need an exponentially small number of people with exponentially large wealth, but would the world keep running without capitalistic incentives that increase the separation between rich and poor? Can we eradicate all poverty without the rich sharing their riches? What happens to civilization when nobody is willing to work in the factories and orchards, or build roads?
(Please don't take this question the wrong way! Personally I wish that nobody had to work menial jobs. I just don't understand how we can eradicate poverty when so many jobs will always translate into low-paid labor.)
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Joe Chaudoin
I will cede the argument that this has not happened in the US. I believe that this is due in large part to inadequate (and unequal) education structures that overly favor the most fortunate. However, I do not believe that the current disparity shows a failure in the capitalist economic structure. Rather I believe it demonstrates that in order for capitalism to sustain itself over the long run leaders must also be aware of educational and other relevant societal issues that may affect its ultimate form.