Drawbacks of Capitalism • encourages incredible risk-taking (boom or bust) • emphasis on results often leads governmental leaders to enact laws that have short-term economic benefits (& potential long-term consequences are not factored very heavily) • encouragement of class system leads to a “rich people are good & poor people are bad” mindset
Drawbacks of Capitalism • the playing field is really not level – even from the beginning (ex: $ available for prenatal care?) • emphasis on profit means that other valuable & intangible benefits are not as valued (ex: personal satisfaction derived from work) (ex: how much $ is a clean environment worth?) • emphasis on competition leads some people to become desperate / greedy & cheat / break laws
Drawbacks of Capitalism • sometimes the entire economy takes a hit & a huge percentage of the people suffer (ex: Great Depression) • causes incredible controversy (ex: does lowering taxes on the wealthy stimulate the economy, or increase the gap between rich & poor people?) • emphasis on being #1 implies that being #2 or #3 is failure (ex: US commentators at the Olympics saying that silver & bronze medalists had “disappointing” performances)
Drawbacks of Capitalism • the need to keep selling products leads to planned obsolescence (making products that are designed to wear out / become out of date) = throwaway culture • WHO DOES THIS SOUND LIKE!!!!