11.7.4: Criticisms of Capitalism and Socialism

 11.7.4: Criticisms of Capitalism and Socialism 

In India, an up-and-coming capitalist giant, the construction of a 27-story building is almost complete (Yardley 2010b). It comes with a grand ballroom, nine elevators, a fifty-seat theater, a six-story garage, and three helipads on the roof. The occupants are ready to move in—all five of them—a husband and wife and their three children. From their elegant perch, they will be able to view the teeming mass of destitute people below. The primary criticism leveled against capitalism is that it leads to social inequality. Capitalism, say its critics, produces a tiny top layer of wealthy people who exploit an immense bottom layer of poorly paid workers. Another criticism is that the tiny top layer wields vast political power. Those few who own the means of production reap huge profits, accrue power, and get legislation passed that goes against the public good.

The wealthy, whether capitalist or socialist, can afford most anything, including trophy spouses. It is usually successful men who marry women much younger than themselves, such as Bruce Willis, age 62, and his wife, Emma Heming, age 39. This pattern will continue, but with changing norms and more women being financially successful, we can expect more women to marry younger men. Credit: Nancy Kaszerman/ZUMA Press, Inc./Alamy Live News/Alamy Stock Photo

The first criticism leveled against socialism is that it does not respect individual rights. Others (in the form of some government agency) control people’s lives. They decide where people will live, work, and go to school. Government officials in China even used to determine how many children women could bear (Wei and Wong 2019). Critics make a second point: Central planning is grossly inefficient and socialism is not capable of producing much wealth. They say that socialism’s greater equality really amounts to giving almost everyone an equal chance to be poor