Capitalism Unveiled: Objections, Moral Considerations, and Economic Challenges in Today's Society

What do you consider the strongest objections to capitalism, and why?

Capitalism creates monopolistic monsters - private ownership of capital and other factors of production tend to make a monopoly. If left unchecked, monopolies tend to exploit the consumers. Also, most monopolies use their market leadership advantage to raise market entry barriers and block new entrants. By extension, this might lead to the creation of monopsony, which has often ended up exploiting employees. Employees with specialized skills are left with no choice but to stay in exploitative jobs.

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A classic example is that of J.D Rockefeller, who had a stranglehold on oil and railroads. He, at times, used to sell oil at a loss to drive competitors out. Similarly, he acquired a railroad, which he used to transport oil for the competitors at exorbitant costs. A recent example is that of Facebook, which has been acquiring some key potential competitors. In July this year, Congress summoned CEOs of Apple, Google, Facebook, and Amazon over what Congress termed as being too big and harmful to consumers, competitors, and the country at large.

What do you consider the strongest moral considerations of capitalism, and why?

Capitalism promotes hard work - an entrepreneur who creates ventures beneficial to society gets rewarded immensely under capitalism. By extension, it means that under capitalism, the hardworking individual who is ready to sacrifice their comfort in pursuit of wealth gets rewarded while the lazy and the extravagant stand to lose the most under capitalism. The urge by the capitalist to create wealth pushes the entrepreneur to innovate. It is through innovation that consumers can enjoy variety and choices. Similarly, in a quest to create more wealth, the entrepreneur focuses inefficiency. Jeff Bezos, a private player, has managed to develop Lunar lander through his company. The dream of having the ability to go into space is an achievement that only a handful of countries can achieve. With hard work, capitalism indeed rewards.

How do Capitalists operate in our economic system and society today?

Capitalism as a system provides for ownership of factors of production by private or corporate entities. The system upholds private property rights and leaves the free market to determine prices, production, and the distribution of goods. In addition to protecting private property rights, capitalism also enforces contracts and also upholds private exchanges. Capitalism holds the belief that the economy left alone can work alone and that the role of the government is to keep the peace, law, and order. The market regulates itself so that when demand is high, prices go up and vice versa. While capitalism vouches of private property rights, socialism, and capitalism, denies the same.

What do you consider as the major economic challenges facing our society today and, in particular, your generation?

Wealth inequality is one of the top global economic challenges today. Inequality is manifested between individuals within a country as well as between countries. With inequalities come challenges such as insecurity. Similarly, individuals or corporations have developed immense control and influence. The inequalities have also given rise to migrations from deprived economies. The migration has, in some cases, led to an adverse effect on security as well as erosion of cultural values, especially in areas where the number of migrants is sizeable. Secondly, the rise of undemocratic nations such as china is a big challenge to global democracy, human rights, and concern for the environment. Besides, there is a rising tendency of protectionism. The recent tiff between the US and rising protectionist policies in the US has led to retaliation from china and thus affecting local producers in some sectors.