Capitalism is a largely right wing belief that the state should be completely withdrawn from the internal economy of the country and that the economy should be left, quite irretrievably, in the hands of wealthy business people.
While businesses should certainly have a hand in directing the growth of the country’s economy, they shouldn’t be allowed a monopoly in this aspect that affects the lives of all the citizens.
State intervention is absolutely necessary in order to oversee a sustainable and just economic growth. Entrepreneurs and businessmen participate in the economy primarily for generating profit for themselves and not for the collective growth of the society.
The capitalist culture models itself around an extreme form of laissez-faire where the government and the industries are isolated from one another. And if the break down of communist institutions since the ending of Cold War have taught us anything, it’s that an economy that functions on an extremist ground is destined to collapse.
We need a form of economy in countries that not only allows us the space to grow as entrepreneurs and gives us the flexibility to expand our financial aspirations, but is also liable to us for creating an environment where every citizen can be guaranteed a comfortable standard of life. It is our fundamental right to be free from exploitation, and that includes the exploitation of businesses on fiscal aspect of the economy due to their advantaged position.
Most capitalists misinterpret the notion of socialism. I have heard arguments from the right wing saying that socialism is “snatching away the hard workings of one person and distributing half of it to people who don’t work as hard”. People think that socialism is dividing the hard-earned profits of one person and unfairly giving it to other people.
- The reader is a student based in Dubai
