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Flaws Of Socialism

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Capitalism was a revolutionary idea born from the ideas and works of Adam Smith in the 18th century. It was an advancement to the ideologies of mercantilism* and feudalism*, however, despite being such an advancement, it still has many flaws. Of the main flaws of capitalism, there are three main ones that stand out. These are the allowance and promotion of worker exploitation, wealth inequality and strict social hierarchy, and degradation of natural resources. Thus, it is only necessary that we adapt and progress human society by adopting socialism, for as capitalism was an advancement from feudalism and mercantilism, socialism is the advancement from capitalism.
The first flaw of capitalism is that it allows for and promotes worker exploitation. …show more content…

Civilization has always been defined by systems in which people on top command those at the bottom in terms of power and wealth. Capitalism is a key example of such a hierarchical system, and it is the system adopted by the majority of the countries of the world today. The ideas of capitalism promote social hierarchy as it is essential for capitalism to function, for the rich controls those at the bottom for the generation of profit, and the generation of profit is the basis of capitalism. And, as the rich continue to pursue their interests, thus expanding their wealth, they make the poor poorer since the rich sacrifices their well-being for the generation of more wealth. This creates an ever-increasing wealth inequality. This can also be seen in the several economic crises that have occurred during 20th and 21st century history, in which every economic disaster arose primarily for the reason that the rich pursued their interests to an extent that disrupted the economy entirely, and despite the economic destruction, the rich during each economic disaster always gained more wealth, and the poor became much poorer. Additionally, such social hierarchy and inequality under capitalism has led to numerous problems for those at the bottom. To elaborate on these problems social hierarchy causes, the article Social stratification: negative impacts …show more content…

To elaborate, the article mentions how mere individuals/companies are able to do such unjustifiable damage to the environment, but without much opposition. This implies that there is a preference of the interests of such individuals/companies, which are indeed affluent for they would otherwise not be able to do such actions towards the environment and government decisions, over the majority of the people, whom are poor and prefer for the environment not to be utterly destroyed. As mentioned previously, this inequality in terms of power is because of the promotion and allowance of social hierarchy and wealth inequality under capitalism. Moreover, the desire to continue to exploit and degrade nature resources is because of the desire to continue to attain profit and wealth, in which the pursuit of attaining profit and wealth, as mentioned previously, is the basis of capitalism. Based on all of the dangers posed by extensive natural resource degradation, it is critical that we combat this issue to achieve a sustainable economy for the well-being of everyone and for a promising

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