Things They Don 't Tell You About Capitalism, By Ha Joon Chang

The soundbite criticisms of capitalism are legion, yet it’s harder to offer alternatives, aside from the vague notion of 'something else'. Despite the carnage of trying to socially engineer equality in the 20th century, nevertheless the myth persists that capitalist wealth creation is superfluous and money is readily available to a small number of elitists called a government under common ownership, who distribute, or simply print more paper. Ironically, the ones shouting the loudest against capitalism are often those dependent on the profits of capitalism to provide the welfare payments needed to keep them alive.

In the book Saving Capitalism, written by Robert B. Reich, explains the current economic situation, theory’s behind worker’s and voter’s moral, and ways to make the American economy to work for the many and not the few. Reich examines the effect of corporate influence on the economy. Large corporations tilting the market in a way that would benefit the top and not much else. The old protections which limit the influence of money in government have been undone. Landmark cases which served to limit the amount of money that can be thrown into government. All the money going into the policies system is making the system skewing toward the top. The new rules are allowing different form of monopolies, new property rights, contracts, and bankruptcy.

Capitalism is a system where the sole goal is for private owners to gain profit. In the 1930s’ Dust Bowl, private owners, such as farm owners did not pay laborers enough money. In addition, minimum wage laws did not begin until 1938. Wages dropped so low because of the contradicting owner and laborer goals. Moreover, the stock market crash caused demand to drop and jobs to disappear. Overproduction also contributed to elimination of jobs. The wage gap between the wealthy and poverty further increased over time. Despite, the huge elimination of many jobs during the stock market crash, the changing seasons created some cotton and fruit picking jobs because certain plants are ripe for a certain period. However, laborers had to travel to other states or even countries to look for jobs only to face ostracization from the natives. In pursuit of capitalistic goals, the government promoted harmful DDT chemicals and nuclear weapons to keep the chemical and weapons industry alive.

One of the strongest arguments against capitalism is the quote “It was a monster devouring with a thousand mouths, trampling with a thousand hoofs; it was the Great Butcher – it was the spirit of Capitalism made flesh.”(334), the description of monster depicts capitalism as barbaric instead of those under the influence of capitalism being barbaric. This quote lends itself to the idea that people must fight for what they

Since the time we are born we are fed the lies of capitalism. We are taught that capitalism hurts no one and that capitalism is the only way. Johnson and Robbins have some very influential ideas about capitalism. Johnson writes about the complexity of privilege. He also addresses why some privileged people do not feel privileged through the matrix of capitalist domination. Robbins gives us a background on how privilege became what it is today. He addresses the anatomy of the working class by drawing attention to how they were mobile, divided, powerless, and anxious for a revolution. Through Johnson and Robbins’ eyes we can begin to see how the world is not the one we were taught it was.

Inspired by lectures given in 1956 and compiled for publication in 1962, Milton Friedman’s Capitalism and Freedom addresses important modern economic issues ranging from the distribution of income to the role of government in education (Friedman vii). According to The Times Literary Supplement, Capitalism and Freedom was “one of the most influential books published since the war” (TLS). In the seventh chapter of Capitalism and Freedom, Friedman addresses the role capitalism and economic freedom plays in the reduction of discrimination against individuals belonging to particular religious, social, and racial minority groups (Friedman 108). Friedman’s argument concerning the power of capitalism and economic power is supported particularly in the increased mobility of African Americans following World War I and II despite the “temporary interruption” displayed by collectivist trends following 1945 (Friedman 11). African Americans, with newfound economic power, were able to curtail coercive political power held by whites. However, Friedman fails to properly address the chain of events which allowed for the establishment political freedom in the African American community. Despite economic freedom granted following emancipation, African Americans were unable to translate economic freedom to political freedom because laws in place to protect civil liberties were not enforced. World War I provided unprecedented economic opportunities for African Americans. Labor shortages provide

Capitalism is an unnatural perversion of society in Marx and Engel’s The Communist Manifesto. It is constantly consumptive, unable to exist without further expansion. It warps society through its exploitation of labor and the class that provides it. The Communist Manifesto goes beyond just a sociopolitical critique of capitalism, and adds otherworldly, almost Gothic elements. Repeated supernatural, fantastical language reinforces the idea that capitalism is an illegitimate twist of the natural state of human affairs.

In the film “Capitalism Hits the Fan” economist Richard Wolf explains the historical framework of the economic crisis as a crisis of overproduction. Wolff states the Crisis of 2008 was caused by overproduction and stagnant wages that spurred a series of booms and bust that are not temporary.

Brown, E. 1979 5 R ichard R o ckefeller M edicine M en: M edicine and Capitalism in Am erica, Berkeley, Los Angeles, and London: University of California Press.

As citizens of the United States, we are members of the leading capitalist economy in the world. Our production and distribution is mostly done privately and we operate in a “profit” or “market” system. The capitalist system has been a target for criticism throughout the last three hundred years and is being discussed now more than ever due to the recent recession and financial crisis (Shaw and Barry n.d., 1). Its effects,

The book Capitalism: A Ghost Story by Arundhati Roy is an honest telling of the effects and injustices that have resulted in India due to the rise of which are often not shared, nor given a chance to be shared with those who are not living those injustices in their everyday life. The book focusses on numerous examples in contemporary India which display the corruption, inequality, and the tragic results due to the way which capitalism has been and is unraveling within the country. While the gross domestic product (GDP) has grown since the implementation of a capitalist economy with an emphasis on privatization, the majority of this growth is happening to a very small group of people, mostly in mega corporations. Roy exposes the many difficulties which the overwhelming majority of the Indian population are faced to deal with everyday in the name of capitalism, which are often not realized by those both within and outside of India to uncover the grievances of capitalism in India and other countries across the globe.

In the lecture, “Capitalism Hits the Fan” by Richard Wolff, he explains how a combination of factors led to a severe economic crisis of his lifetime. For example: wages stopped rising, coping with traumas, irrational exuberance and how things don’t work. The purpose of this lecture is Wolff to prove his point about what caused the crisis of 2008.

Milton Friedman’s Capitalism & Freedom is one of the most important books regarding economics of the 20th century. His thoughts laid the groundwork for the emerging modern conservative movement, which was an evolution of the 19th century beliefs surrounding liberalism. Friedman’s major themes of his most famous work consist of the roles of competitive capitalism, as well as the role that government should play in a society “dedicated to freedom and relying primarily on the market to organize economic activity.” The book touches on a multitude of other economic issues; however, his first two chapters regarding the major themes of the book are most

Capitalism started up as a system of investing and sharing money in order to increase the value of resources in the future. Capitalism was just an economic system, but then soon turned into a complex system of ethical practices. Harari defines capitalism as, “a set of teachings about how people should behave, educate their children and even think” (Harari 314). This economic system evolved along with the people that were endorsing it. Capitalism enables the rich to get richer, while the poor continue to get poorer. There are many benefits to capitalism, but there are downfalls as well, and these downfalls tend to be masked because of the rapid speed capitalists grow at. Harari first presents a definition for capitalism, and soon goes into great detail on why capitalism, while fast paced and unforgiving, is able to stand unwavered while other productions fail.

Capitalism leads to the creation of unprecedented wealth, advanced technology, and wide prosperity. Yet capitalism is denounced as a system of greed, materialism, and ruthless dog-eat-dog competition