Capitalism, often falsely credited with innovation and progress, is extremely inefficient and counterproductive, and is to blame for its own shortcomings. Both on a large-scale and on a small-scale, capitalism wastes resources and cannot be reformed or salvaged. The people of the world have more than enough in the way of food, so much so that the distributors of food will discard and waste it, while people starve in “civilized” countries. The people of the world have more than enough in the way of dwellings, it is the scam of private property (as opposed to personal property) that creates homelessness, even while the wealthy live in luxury and rent out their homes, exploiting those who are in need of them. Capitalism places arbitrary values of wealth above actual, measurable efficiency, and both the people and the land they are a part of are suffering as a result. Capitalism cannot be made more equitable – any attempt to tackle wealth inequality will be thwarted by the nature of capitalism, because wealth inequality is integral to its success. Capitalism relies on wealth disparity, and will do anything to stimulate it, seeing as the rich cannot exist without the poor and their labor.
Functionally, capitalism is inefficient. Something is nonfunctional if it undermines its own capacity to function on the basis of the grounds it lays for itself. The great claim made by capitalists is that capitalism is a system which promotes economic growth and innovation – the boon of which is said to trickle down to the vast majority of citizens. This claim is the impenetrable wall – the one obstacle standing between capital and any would-be challenger to its legitimacy. But can it be true when nearly four trillion dollars are spent each year on the U.S. military, for instance? Where is the innovation when even the most alienating, practically useless jobs are still so hard to get? There is no true innovation under capitalism; capitalism stimulates lateral movement, not forward movement. Products that represent innovative research and labour and efforts are sabotaged by the need to make a profit – a product is only as good as its manufacturer deems is necessary for it to sell. Capital values the product which is profitable and doesn’t hurt vested interests. Tactics like planned obsolescence show that the motivation is not to innovate, but to expand. A product which may very well be helpful, practical, or even life-saving will not gain traction in the market unless it is profitable. Inversely, any innovation that would threaten current monopolies and profits is prevented entirely. Revolutionary new innovations are either opposed or co-opted, perfectly mirroring what happens to socialist or radical movements. Research shows that when a worker is given more autonomy, among other things, they engage more with their work, and it’s counterproductive to give a worker more autonomy when you intend the profit to trickle up a hierarchy to a private owner. In addition, many instances of innovation, such as the internet, actually originate from the state sector, as opposed to the free market.
Capitalism is not a rational, efficient way of organizing economic life. Nearly a third of the food produced for human consumption each year finds itself being lost or wasted. The annual income of just the 100 richest individuals is enough to end global poverty four times over. Companies are known to deliberately manufacture products so that they break down faster, creating more consumption, thus, more profit. This tactic of planned obsolescence is an example of the absurdity of capital. In 1930, Keynes predicted that by the end of the 1900’s, a 15-hour workweek would be commonplace due to technological innovation. This is technologically possible – why aren’t we working 3-hour shifts? Because that is not optimal for the creation of the capitalist’s wealth. Because Keynes did not factor in the massive increase of consumerism that would be realized. Instead, the masses find themselves working jobs which are not even necessary a good portion of the time. The personified need of wealth scrambles to create jobs to pacify the masses, because idle hands are the Communist’s playthings.
A counter argument that needs to be addressed – “But surely we can prevent unethical business practices through ethical consumerism! Vote with the dollar!”. The proponents of this argument either naively overestimate the power of the consumer, or are aware it is a bad analysis and wish to protect their capital by making up rhetoric for the lower classes to regurgitate. Firstly, unethical business practices are likely to be hidden. Mass media are structured to the benefit of capitalists – they are economically designed to cater to the needs of big businesses, therefore they are unlikely to willingly give out information that exposes their biggest clients. In addition, even the manufacturing of a single product cannot be traced to one tangible entity – production is tangled in a web of corporations, and it is made impossible to be an ethical consumer. Even if ethical consumption under capitalism were a possibility, which it is not, it would only be an option for those who can afford it. Subsequently, one might ask, “doesn’t the state and its regulations solve the problems of unethical business practices?” to which the most relevant response is that politicians cannot be expected to regulate corporations when it is those corporations that fund their political activities and positions.
Beyond the dysfunctionality of capitalism, there are many other angles to critique it from. However, Marxian critiques seem to fall upon deaf ears today, in an era of “facts over feelings”, where critiques of capitalism can’t be based on emotion, but also can’t be too intellectual, lest they be invalidated by the jury of reactionary groupthink. For those who cannot be persuaded by our propaganda, but cannot be bothered to read Das Kapital, I present the facts, and nothing but the facts. Capitalism is inefficient and cannot be salvaged.
“What Is the Total US Defense Spending?” Government Spending in United States: Federal State Local for 1961 – Charts Tables History, www.usgovernmentspending.com/defense_spending.
“Self-Determination Theory” An Approach to Human Motivation & Personality, selfdeterminationtheory.org/
“Key Facts on Food Loss and Waste You Should Know!” International Rice Commission Newsletter Vol. 48, FAO of the UN, www.fao.org/save-food/resources/keyfindings/en/.
“Annual Income of Richest 100 People Enough to End Global Poverty Four Times Over.” Just 8 Men Own Same Wealth as Half the World | Oxfam International, www.oxfam.org/en/pressroom/pressreleases/2013-01-19/annual-income-richest-100-people-enough-end-global-poverty-four.
Keynes, John M. Economic Possibilities for Our Grandchildren. 1930.
“STRIKE! Magazine – On the Phenomenon of Bullshit Jobs: A Work Rant.” STRIKE! Magazine, www.strikemag.org/bullshit-jobs/.
DeGenerate Diaries 