American Capitalism — Our Worst Creation

4 min readJan 18, 2021

Last year’s economic crisis, which focused on the financial sector that is at the heart of American capitalism, will surely leave a lasting mark. When the dust settles and the panic subsides, the debate on this will prove to be one of our most important debates in decades to come. And it is becoming the defining argument of the next decade. (Sources: 5, 10)

Economist Mariana Mazzucato believes that the COVID 19 pandemic will shine a light on societies and economies around the world and expose the weaknesses of capitalist society. The American style of capitalism is rather a dynamic process that balances wealth and opportunity. This story, which revolves around the trans-historical forces of oppression and centered on St. Louis as the capital of racial capitalism, leaves nothing out, but offers an all-encompassing explanation. It attacks the soul — and crushes the consequences of the lack of social and economic equality by claiming to have condemned black Americans to a life of suffering and spiritual death. (Sources: 0, 7, 13, 19)

By positioning slavery as the fundamental institution of American capitalism, the country’s subsequent history is presented as an extension of this fundamental dynamic. (Sources: 7)

In this respect, the worldwide victory of capitalism is no different, but unlike socialism, it is not a school of thought imposed on reality. Free market capitalism grows from the bottom up, develops instead of being imposed from the top, and is presented as an alternative to socialism, in which the two models of capitalism differ only in their political and economic structure. (Sources: 14, 17)

In the 19th and early 20th centuries, classical capitalism was predominant, and this can be understood in the sense of what is defined as social democratic capitalism. Early socialist thinkers rejected capitalism and tried to create an alternative to the perceived injustices of capitalism in the form of social democracy and democratic socialism. (Sources: 2, 12)

The American Revolution broke the backbone of the state — regulated mercantile capitalism, and paved the way for a market revolution that produced the world’s most dynamic economic system. The depression exposed the precariousness and unnecessary injustice of the economy, and then triggered fundamental changes that redeemed American capitalism by making it more competitive and open to competition on the world market. (Sources: 1, 16)

While liberal capitalism can be more relaxed about temporary problems, political capitalism is always on its toes. There is no state intervention to save capitalism from its inevitable tendencies towards crisis, and there is no need to keep it alive if we are to transform it now. Capitalism is not broken, but fighting it is a futile task, because there is state capitalism and entrepreneurship, exploited capital exists in the same place, be it the state, the enterprise or the government as it exists. (Sources: 2, 3, 6, 12)

America’s form of capitalism has long been different from that found elsewhere in the world, and that is why the United States has developed a system of capitalism that has come closer than any other in history to the ideal of a state — a free-market economy. Capitalism enjoys exceptionally strong public support in America, as in many other parts of the world. (Sources: 10)

Capitalism is an economic system in which private companies own and operate the means of production for profit. It is a system in which a small number of people, or “capitalists,” possess all the useful things that are produced, such as food, water, electricity and other goods and services. Capitalism is the economic system in which a private enterprise owns and operates the importance of production and profit. Capitalism is any system that includes private ownership of capital and the use of private capital for the benefit of a few people or companies, but it is no different from any other system of capitalism — a “free market economy” — in the sense that individuals have the right to own capital, control the mean value of production, and profit from the sale of their own assets. (Sources: 4, 8, 11, 18)

Scholars generally view capitalism as an economic system that includes private ownership of capital and the use of private capital to the benefit of a few people or companies. (Sources: 11)

American “welfare capitalism” refers to private companies that provide welfare — such as services to workers. American Welfare Capitalism, “which refers to companies that provide their employees with welfare-like services such as health care, education, and housing. (Sources: 11)

Capitalism in America of a libertarian hue, Ayn Rand, whose name is barely mentioned. Yet American-style capitalism is far from what is practiced in the rest of the world. The oft-quoted notion of “free market capitalism” as a form of capitalism was developed by Thomas Piketty, Friedrich Hayek, and Milton Friedman, among others. (Sources: 9, 19)

The idea that free-market capitalism brings great economic wealth and cultural freedom is not a myth, but a reality. However, American capitalism has proven to be the most successful at exploiting its workers and creating a divide in classism. This is a continuous and ever-pressing issue that needs to be addressed.

American Capitalism — Our Worst Creation

Cited Sources

Written by Joseph Raymon