We Don’t Live in a Capitalist Society
America falsely labels our economy capitalistic. However, this is a misnomer. A true capitalist society is based on survival of the fittest. Only the strong survive. So, in a pure capitalist economy, former President Obama would’ve never bailed out “too big to fail” companies. They would’ve just failed. Further proof that we live in a racially biased country are the multiple companies complaining about being understaffed—despite the numerous under-employed (and unemployed) Black people in this country. These companies are holding out for qualified White candidates. In a purely capitalist society, only the most qualified individuals would get the job. Also, people would be paid based on merit. Right now, people are paid based on their race and gender. White men earn the most. Hispanic women earn the least. However, we’re all aware that—if you go to any professional job that entails service—the Black people will be the hardest working employees. This is despite being paid less than our White counterparts. Pure capitalism is based on merit. So, this would be reversed.
Now, the 19th century in America more closely resembled a purely capitalist society. Don’t get me wrong; White people still received government set-asides that gave them a lift in achieving success. However, there wasn’t a glass floor to prevent them from hitting rock bottom. This is why prominent robber-barons of the 19th century were destitute by the early 20th century. They failed to train their offspring to take over the reins once they stepped down. So, their children blew their fortunes. We’d have the same situation today if there weren’t a glass floor in place for the dominant society. However, this contradicts capitalism. Capitalism doesn’t have glass floors or ceilings. One rises as high as one’s merit. However, in America, ADOS have a glass ceiling American Descendants of Slave-masters (ADOSM) have a glass floor.
In America, we’ve gotten further away from pure capitalism since the 1970’s--when we got off of the gold standard for the dollar bill. Dollars have never been worth much based on their merit. The backing of gold is what gave dollars their value. However, now, dollars are backed by promissory notes (i.e., IOUs). This is the furthest one can get from capitalism. In layman's terms, ask yourself, would you sell merchandise to someone in exchange for an IOU that has diminishing financial status, and a shoddy credit record? This is the basis of our economy. We do business with each other using government created IOUs—despite the aforementioned issues; worse yet, the Federal Reserve Bank (Fed) keeps pumping out these promissory notes to stimulate the economy. However, the more worthless currency gets created, the more existing currency values deflate. So, now, the spending capability of $1 today is about what 28¢ would get someone back in 2000.
This takes into account the various means of inflation—i.e., producing smaller products with lower quality ingredients while slightly raising the price from those of 2000. Many of today’s product-prices have barely increased since 2000. To offset obvious displays of inflation, countermeasures were put into place.
A pure capitalist society is based on an economy driven by citizens’ natural consumerism. It’s not manipulated by the Fed to raise and lower prices. That’s merely a façade.
Additional references for the changing of currency elements over time.
(If you enjoyed this post, then please consider following to stay up-to-date with my latest postings and sharings. Also, please share and support Worldly Game.)