Capitalism and its profit motive have led to many advances in modern society. Companies and individuals have invested some of their profits into mechanisms that have led to growth and job creation. It has made life easier today in many ways. It has raised the standard of living for millions of people today.
Like any economic system and philosophy, there are going to be downsides, dangers, and outright threats that develop from the progression of that system. This post is not about politics and left vs right, socialism vs capitalism, my team vs your team, etc. I am not going to claim that I or anyone else has a solution. The purpose is to open peoples’ eyes to the dangers of extreme capitalism and how they could be trapped in it without even knowing it.
How strict adherence to capitalist principles ruins society
THE PROFITS OVER PEOPLE (AND EVERYTHING ELSE) PARADIGM
In this case, the desire to earn more and more profit and growth becomes way more important than any person, the public, hazardous environmental effects, employees and the “working class”, and anyone else in the way.
Companies will look for ways to skirt around regulations, lay off workers and management as needed, and cut corners on product quality. They will always offer some type of excuse to hide the fact that they want to increase profits. The workers left remaining will probably have to pick up the slack of the ones let go. Management that survives the layoffs will be more stressed-out than ever.
The biggest companies and especially the ones that have a type of “monopoly” in their field, will lobby Congress to pass laws that benefit them. It’s the “pay to play” mentality.
In some industries, bigger companies will buy out or knock out the smaller competitors. Eventually, just a few companies will own the market in that industry. We see just a few companies control way too many industries in the U.S.
CREATION OF A CONSUMERISM CULTURE
This is a major consequence of extreme capitalism when it gets out of control. The main objective is to utilize social pressure on people to make them compare themselves to…