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Review of The Reasons Why Capitalism is Bad for The Poor

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Review of The Reasons Why Capitalism is Bad for The Poor essay

People frequently accuse capitalism of making life worse for the poor but like so many other criticisms of capitalism and it is true. The role of capitalism is that it’s an economic system in which the governments play a secondary role. Most of decisions are made by people and companies. The goods that are produced by companies and then they are sold for a profit meaning the means of production are entirely or even a large amount are owned by companies or individual. The capitalisms effect on poor is that it gets blamed for a lot of things such as poverty and inequality and unemployment. The laborers find it intolerable.

The three elements of capitalism are capital accumulation, competition and a price system but there is also a 4th element that is required as dedicated for the first three to make capitalism sustainable and that is growth. The most flawed component is completion because for capitalism to work it requires a loser for every winner and this results in making half the world to be mired in ridiculous man made poverty even though capitalism is not an economic system in the whole world but where it is used results in really low poverty wages for some and really bad unsustainable poor working condition. Capitalism is not good for the poor because that the rich keep getting richer, the poor keep getting poorer, and wealth is concentrated in fewer and fewer hands with the passing of time. The working conditions are bad, second health, legal, education facilities in quality beyond reach, and third the rich are succeeding and the poor are just staying in poverty.

The poor have to work in poor working conditions and the have to suffer because the rich companies were way too cheap to obey the rule and do the right thing and at the end they disagree with everything that has happened.

In Bangledash the Tazreen Fashions factory a fire started on the ground floor and was quickly spread and 110 people past way and hundreds were injured.

This should have not occurred but it happened because many doors were locked and the companies never did any safety trainings and there were no fire exits. The workers inside were terrified and some even jumped out of the building onto a roof of a dormitory. Most of the windows had bars on them and the scared and exhausted workers had to kick out at exhaust fans to be able to jump still risking their life and five months after that again in Bangladesh a place called the Rana Plaza an eight story building that housed many garment factories collapsed and more than 1000 people had died. The Rana plaza only had a permit for four. Now we go back to how this happened.

Why do the poor have to face these conditions and who should be responsible? It’s capitalism because of minimal government control the big companies can take control and make the poor work in those conditions and Many workers can no longer afford medical treatment after being forced into private enterprises and cut off the free health care system once provided by state-owned enterprises. The poor are exposed to dangerous and toxic chemicals In some factories, management keeps a portion of the workers’ wages each month and in other cases retains the permits and identity paper and practices that are illegal but that authorities turn a blind eye to Without documentation workers cannot go back to their village, change employment or even go into the street for fear of a police identity check. Police periodically raid factories. Guest workers without permits are thrown into detention centres, and subsequently deported is this really fair to the poor is this really fair to the poor when the rich companies don’t have the right to do that but they just don’t care and they end up finding a way out of it.

Next concern health of the poor and education for the poor are really unsustainable and bad. Today the promotion and maintenance of good health and the treatment and cure of ill people is divided among three sectors which are private , public , and last is voluntary and in most places with capitalism the poor have to go with public if they have it or private. The poor in urgent need of a serious operation ponder whether they can afford it because the public hospitals can be booked so the poor have to go private but at what cost the private sectors look at your capital to meet needs that are expressed in economic terms and with the expectation of profit for the providers. They will try to keep you well and treat you good if you have the money to pay for it , If you can’t pay you can wait for free or cheap treatment because the economy needs fit workers, not unproductive ones. Capitalism is putting a price on everything, even a poor person’s life who has to work 3x harder and get no health care included. Capitalism is bad for your health, especially if you are a worker. In employment you are likely to be worried about the consequences of losing it. Even the education for a poor person’s kid does not get any better

Last concern that affects the poor is that the rich keep getting richer but the poor keep on getting poorer. Many questions arise like why is this happening? How can this be changed? It’s not an easy to be answered and this is a very complicated question with a lot of underlying social and political causes but from an economic point of view here are some answers. First, the rich tend to educate their children, and their children in turn become very well off.

In contrast the poor tend to stay uneducated, which reduces their earnings and therefore savings capacity. Second thing is and more important factor is that the people that are very successful which means they are very rich do not really work, their money works for them. The true definition of a capitalist is one who provides capital, money, land and production. They run large companies unlike the poor whose income is completely derived from their labor; the rich earn interest on their money. The rich do not simply have good incomes, they have WEALTH, and wealth is the life source for remaining rich. In many ways the rich can’t help but get richer, that’s why when the economy grows the inequality in the economy tends to increase. Here is an example to make this question or topic easy to understand with a real life example. If I’m a person who is a capitalist with 3,000,000 in stocks or my owned companies not including my mansions or cars and the other things rich people have, let’s say, 5% conservative 5% rate of return on the investment of $3 million, I am making $150,000 a year in interest and I make that without lifting a finger. The poor on the other hand never develop enough wealth to ever break out. the typical family in America has only around 50K in savings, think about that in a place with poverty they have barley any savings if any by the time they retire most Americans consume their entire savings, leaving their heirs little or nothing. And so the cycle goes on.

In conclusion these are reasons why communism is not good for the poor.

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