Capitalism betrays the poor and powerless

Economic systems need to be intentional to ensure social progress. Capitalism is hailed as fundamental to civilisation; proponents of the ideology often make up some construction that justifies what it does to society; they paint a picture of a successful economic ideology that helps create an entrepreneurial spirit, extends opportunity to all, uplifts society from poverty through innovation and wealth creation for hard working individuals and society, but that picture pales away under scrutiny; the concrete reality is that the capitalist picture scantily depicts what happens outside the marble structures occupied by the rich who are the only beneficiaries of the growth in wealth.

We are open to systems that promote human growth and development, and we have no moral objection to capitalism as an economic model if it can create wealth and protect citizens from poverty. In the West, capitalism has been instrumental in wealth creation, and it has been fundamental in reimagining global economic growth. However, over time society has begun to look uneasily at the widening gap between its (capitalism) promise and delivery to the average citizen. Its failure to uplift the poor and keep them up is understandably raising public concern.

To the average citizen, the success of capitalism is a contentious issue. What the average citizen sees of the ‘success’ of capitalism is further from its offer of economic freedom but the inherent protection of the wealthy elite in their exercise of tyranny over the working classes. While business profits flow, salaries for the working class have stagnated. The success of capitalism is hard to find beyond the spheres of the rich in the West.

Measuring the success of any economic system in terms of only the accumulation of material wealth – growth in business profit, increase in industrial production, increased consumption, etc., is simplistic, at best and naïve at worst. Where and how the wealth is created is critical just as where and how profits are distributed are fundamental questions. While growth in wealth is a dream for individuals and society, growth for the sake of growth can come with devastating effect to the socioeconomic ecosystem.

Growth at any cost is the essence of capitalism, its tenet is to turn nature into commodities and commodities into capital. The live natural resource is transformed into ‘luxurious’ products for the consumption of the few while the toxic residue is left as waste for the many to endure. Capitalism fosters uncontrolled greed further enabled by weak environmental policies in poorer countries; it causes inequality and perpetuates destruction of the natural environment.

It is unconscionable to excuse a social order in which it is possible for a few individuals and corporations to amass a fortune of billions or trillions of dollars, while millions of men and women who work hard all the days of their lives secure barely enough proceed for their existence. The reality of capitalism as experienced by the average citizen is that along wealth creation, it creates and exacerbates poverty through exploitation, inequality, and prioritising profit over people and the environment.

Trickle-down economy is the term often evoked to fill the poor with hope while the rich enjoy the benefits of uncontrolled greed. Whatever wealth is created, comes at a cost to justice, someone somewhere within the chain is being exploited for cheap labour. Public passivity is the power behind uncontrolled capitalism; when people do not challenge injustice, they become complicit. The power of capitalism may seem inescapable, but then so did the divine right of kings. What is born of man can be resisted, human power can be resisted and changed by human beings.

Resistance and change begin with local communities demanding more of themselves, pushing back at injustice that enables the worst instincts of capitalism. People must be tuned to the fact that society is not safe when it tolerates the growth of private power to a point where it becomes stronger than society itself. No individual or group of people should be allowed to run roughshod over society rules and regulations.

Human civilisation existed long before capitalism came to being, people will be there long after capitalism has collapsed. Without significant reforms, retaining capitalism as the main economic model makes little sense to many communities in Africa already reeling in poverty because of the system. The biggest handicap for capitalism is that it pivots towards power not justice; it does not permit an even flow of economic resources. Within the system, a small privileged few are rich beyond conscience, and almost all others are doomed to be poor at some level. We will need to stop imitating the West and start modelling economic systems in response to our needs and dreams – human and environmental protection. History shows us that the system will not change the rules, so we must change the rules of the system.