Capitalism does not equal greed.
Capitalism is losing favor among the younger generations, mostly due to a misunderstanding of what capitalism is.
The definition of capitalism is “an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state”.
The opposite is communism, where control is maintained by the government.
Socialism is just this side of communism, where all citizens share equally as allocated by a democratically-elected government.
Where capitalism gets a bad rap is when corporations use their resources purely to amass more wealth without concern for its employees, neighborhood, or the environment.
Socialism sounds good in theory, but is often corrupted by cronyism. We see this worldwide with corrupt governments using taxpayer dollars to benefit the politicians and their friends, rather than the constituents. And it is not just with socialist governments, although it is easier for them to get away with it.
Can corporations be greedy and unethical? Yes.
Can corporations be philanthropic and ethical? Yes.
Just like people, nothing is black and white.
And the majority of corporations are family-owned. Less than 1% are the giants we think of- Apple, Facebook, Microsoft, Coca Cola, etc.
There is an underground movement that is becoming more mainstream called “Benefit Corps” or “B Corps”, where corporations look at metrics other than money to determine their success. It could be the impact on the environment, giving back to the community, raising up marginalized groups, or anything else the corporation’s founders hold in high esteem.
The other upside to capitalism is you can vote with your wallet. If you do not like how a corporation is doing business you can simply choose not to purchase its products or services. This is how supersizing was removed from the fast food menus, yellows #5 and #6 were removed from Kraft Mac N Cheese, and why we can no longer purchase any number of items that we- or our parents- enjoyed as children.
I would be interested to hear from my friends how easy it is to create a corporation in other countries. Here in the USA it takes only a matter of minutes. You submit a name for approval (which is approved as long as you do not violate the naming rules and there is no other corporation with that name), the articles of incorporation, the bylaws, and the fee.
What are your thoughts on capitalism?