A common idea that is spread among the youth of America is a move from a capitalist economy to a socialist economy. This idea comes from the experienced failure of capitalism in the American society that younger generations have been witnesses of. From high rates of unemployment, a minimum wage versus a livable wage, and the crash of 2007 there are a plethora of reasons the youth would want to turn away from the capitalist economy we live in. But would a move to socialism actually benefit the American people and economic society? Is there any substance to this so-called democratic socialism that democratic candidates are encouraging. 

Capitalism arose during the industrial revolution and help America flourish. Capitalism now is the economic practice in the united states. The capitalist is the Ceo business owners of different business tycoons, with the workers being under them.  The main issue that is associated with capitalism is the capitalist treatment of the worker. The capitalist own their output of production, they control their output of production and the products flow into the economy. They own everything they do and the relationship between the capitalist and the worker are run on and thrive on conflict, mainly about working wages and working conditions. The relationship takes a toll on the workers the product production and the product itself. The workers feel underpaid, overworked, and unfairly represented. Often times the capitalist makes, on average, 271 times that of their worker. Worker unions are often prohibited or limited in their actions to actually improve upon the workplace. 

A change to a socialist economy is the proposed solution to the drawbacks in a capitalist market. However, the socialist economy being presented is different than that of the soviet union style socialism with its extensive government control and punitive tax on the very rich. The new socialism is described as democratic socialism. This new form of socialism will establish a second bill of rights, bringing with it the right to a good job with a liveable wage, high-quality health care, education as high as needed, affordable housing, a secure retirement, and clean environment. These changes would be incredible for the growing economy and middle class. Establishing the right to a quality job with a livable pay wage would lessen the tension between worker and employer. With more government watch within the economy, unions would be easier to form and give the workers the tool they need to feel secure and respected within a workplace.  

The capitalist market we are currently under makes it hard for a respected relationship between the Capitalist and the worker to form. The workers are often underpaid, unprotected, and overworked, with the possibility to start and maintain a union being slim with the added doubt of its ability to make a tangible change. A democratic socialist economy would implement liveable wages and better work environment for the workers. The distribution of wealth would be level and the right to a good job and education would be promoted. 

https://www.investopedia.com/ask/answers/020915/what-are-differences-between-capitalism-and-socialism.asp

https://www.newyorker.com/news/our-columnists/why-socialism-is-back

https://nowcomment.com/documents/162227

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CC BY-SA 4.0 Capitalism vs Democratic Socialism. by Kaila is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

1 Comment
  1. Maggie 1 month ago

    Interesting idea! I wonder how long it would take to turn the economy and the systems we have built developing a capitalist society, as well as what the opposition says. I think this would be challenging, especially given our political climate that seems to be changing individuals to be more about keeping their wealth/earnings for themselves and playing less of a “brother’s keeper” role in larger society.

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