Whyte Horse wrote: I don't hate it, I'm just highly critical of it because it leads to one crisis after another. The boom/bust cycle, infinite growth model on a finite planet with finite resources, global warming, nuclear disasters, etc. To say there is no alternative is a really bad excuse. To say it's not so bad is a really bad excuse. But that's all people can come up with anymore, bad excuses.
Lots of alternatives have been proposed by PhD economists. One of them is called democracy in the workplace, or worker self directed enterprises. It's just like capitalism but under new management.
The solutions to most of our problems are out there, but you won't hear about them on CBS nightly news, or any other capitalist owned propaganda mainstream media outlet.
I as well do not hate Capitalism but I agree with Whyte Horse that the system has major flaws and if we do not address these flaws and soon, it's not going to be pretty for any of us.
Don Milligan & Manchester Metropolitan University based on a 2010 study try to outline some of the major problems with capitalism.
FIRSTLY, capitalism is an economy dominated by the
pursuit of profit — making profits is the aim of
production not meeting the needs of the people.
SECONDLY, the pursuit of profit takes place through
ceaseless competition within the market — only needs
expressed within the market are met.
THIRDLY, the pursuit of profit within the market results
in entirely unplanned production — the capitalist
system is chaotic — this market chaos results in the
vast waste of resources, both human and material.
FOURTHLY, this headlong and essentially chaotic
struggle for profit results in a careless and ruthless
struggle for growth — all capitalist economy rests
upon the pursuit of growth regardless of the damage
done to the environment or to traditional ways of life or
forms of community.
FINALLY, and paradoxically, the capitalist system, by
promoting the voracious pursuit of profit and incessant
economic growth has promoted unparalleled scientific
and technical innovation and development — this
development has created, perhaps for the first time in
history, the means of abolishing poverty. Yet, this
striking, indeed unparalleled achievement — the real
capacity to feed, house, clothe, and educate
everybody on the planet — is constantly undermined
by the pursuit of profit. This is the bitter paradox of the
system — capitalism is the system that has created
the possibility of fair shares for all — yet appears to be,
inherently, incapable of bringing an end to the brutal
physical poverty which blights the lives of billions of
people.
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