When Did Capitalism Die in America?

Capitalism no longer exists in America. What exists today is called a “Plutocracy.” Here are the definitions from the dictionary.

Capitalism: “ an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.”

Plutocracy: “a country or society governed by the wealthy.”

The best examples of why capitalism died in America years ago are the lack of a “free market,” which has not existed for decades, and the end of investments which were intended to promote growth and increase profits.

Nothing Will Prevent the Growth of a Plutocracy

Antitrust laws were passed to prevent monopolies. However, our government has allowed an increased number of mergers over the last few decades. Today, travel by commercial airlines is an expensive, miserable, and painful experience. This is because the few major airlines which exist have agreed to charge the same prices, and remove competition. This began in the 1970s when I worked for the airlines in Los Angeles, and Republicans demanded the end of government oversight in the industry resulting in less service for travelers, and increased profits. Never will I fly again. I was required to when I was employed by the 2010 Decennial Census, but never again. I hate it and will never give a single dollar to these greedy corporations.

This is not the only institution which has failed to place consumers in a position of priority. Nothing matters but profit, and you and I pay for that reality.

Which leads me to the biggest rape of the American people and the end of capitalism as we knew it.

American Workers Pay for the Lifestyles of the Super-Rich

When I was in my 20s in the late 1960s and early 1970s, corporations reinvested their profits to increase size and future success financially and for the future of their companies. Today, when corporations expand, they no longer invest their own profits, they charge consumers higher rates for provided services, and increase the prices of commodities. This exists today in the form of what I call “greedflation.”

Therefore, America has become a plutocracy. Right wing politicians receive their orders from our nation’s billionaires. This is another example of what America is all about today: if you want to know the truth, follow the money.

Schumpeter predicted what is happening today.

While Marx believed the end of capitalism would come in the form of a working-class revolt due to capitalism’s failures, Schumpeter instead believed that capitalism’s successes would eventually destroy the system from within—a prediction that in many ways looks to be coming true at a more rapid rate than ever.

Capitalism always fails. Greed and power eventually destroy what were once responsible economic policies which produced a healthy and prosperous economy.

Remember: if you vote for a Republican, you are giving the wealthy the right to use your money to enhance their personal bank accounts.

Written by James Turnage

Find my nine novels on Amazon’s Kindle

Sources:

The Fraser Institute Blog: The Death of Capitalism—Schumpeter’s prognosis coming true

The Guardian: The end of capitalism has begun

Top and featured image courtesy of Felix Fuchs‘ Unsplash page – Creative Commons License