When modern capitalism started, it was full of promises of a better, brighter future. But as we pass its 300th anniversary, it becomes clear that innovation and improvement don't come without consequences. The consumerism that capitalism kicked off now poses a huge threat to our environment and the technological advancements are dwindling our self-awareness, declining our cognitive abilities, and riddling us with anxiety and depression.
Sadly, these are just a few things that make up the capitalist dystopia we currently live in. The Instagram account ‘Humans of Capitalism’ we’re featuring today is full of examples that further illustrate the eerie consequences of corporate power we encounter daily. Scroll down to find them, and be sure to let us know your thoughts below.
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To make more sense of how we got here, let’s take a little trip back in time to see how capitalism came to be. Its origins can be traced to the 16th century, when Britain’s main source of wealth and power was broken up after the plague Black Death killed more than half of Europe’s population.
A new class of merchants came to replace them and began trading with other countries. The newfound opportunity for export and import started changing the local economy and determined the prices of goods.
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With the crumbling of feudalism, the system that kept poor people dependent on their master’s land for a place to live and protection left them with no homes or work. Over time, this pushed them to flee the countryside and reside in urban centers where there were more opportunities to sell their labor. Already, a competitive work environment formed where the new business owners or capitalists dictated their terms.
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The 18th century comes and England has been transformed into an industrial nation. The manufacturing and production of goods that flourished in smoky factories during the Industrial Revolution marks the start of modern capitalism. In 1776, economist Adam Smith published his work An Inquiry into the Nature and Causes of the Wealth of Nations, which provided the basis for this economic system. Even though not all of his ideas are used today, he is still often called “the father of capitalism.”
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Capitalists are typically people who have acquired a lot of money and invested it in business. Since capitalism is dictated by the free market, an economic system in which prices and production are controlled by corporations that are competing against each other, the wealthy are getting wealthier by receiving profits from their businesses.
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This is why capitalism is often badly looked down upon, as the people with a lot of money become greedy and refuse to share the money with their workers. Subsequently, this drives social and economic inequality.
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Of course, for those who own businesses, capitalism may make sense: greed motivates innovation and new products for those who can afford to buy them. Supporters of capitalism believe that economic freedom equals political freedom and that this economic system is the only way to organize our society.
As former British prime minister Margaret Thatcher once stated, “There is no alternative.” Those with pro-capitalist views even say that the negative consequences of this system, like pollution of the environment and shrinking of natural resources, will only make them more valuable and people will be willing to pay more for them.
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There are many more beliefs and opinions that constitute this way of thinking, which can essentially doom our society and planet. Already, it has successfully widened the gap between the wealthy and the poor, with millions of people living below the poverty line. Capitalism has created a nightmare labor market, while its byproduct overconsumption is posing the threat of a climate crisis.
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Many people are waiting for the capitalist era to come to a close. However, what that may look like isn’t exactly clear. Most likely, it will still be centered around selling and buying, but we can only hope that the process will become more conscious, ethical, and sustainable.
In the meantime, what we can do to oppose this economic system, or rather, an ideology, and start slowly chipping away at it is to scale down on consumption and shift to buying from small, local businesses. This reduces the waste that is plaguing our planet and gets rid of long-distance supply chains that pollute the environment.
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Staying healthy by eating good food and exercising avoids our contribution to the overproduction of medicine and drugs. Educating ourselves on the matter and speaking up about what we believe in allows others to get inspired and help to achieve the change we want to see in the world.
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