Black People : The Bad Things about Capitalism

Destee

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Peace and Blessings Family,

I remember starting a thread some time ago, asking about capitalism, what it means, etc., and Brother Kemetkind told me that i was already involved in it, and should know what it means ... :eeek: ... but i didnt, and still don't, and am now rewording this in a way that might elicit responses that will help me understand it better.

I keep hearing that capitalism is bad, wrong, etc., and am hoping that you all can help me see why, in an effort to understand it.

Is capitalism really bad, or is it the inherent racist practices twisted throughout the version we see / live, that makes it bad?

Why is capitalism bad?

Thanks in advance.

:heart:

Destee
 
Capitalism is simply a system in which monetary wealth (capital) belongs to private people rather than a collective government, king, comrade, church, etc.

I've heard plenty of people blame capitalism for slavery because slaves in the U.S "belonged" to private owners. But, slavery preceded capitalism all over the world. And, the success of capitalism in the industrial Northern U.S was partly responsible for defeating slavery in the South during the Civil War.

Capitalism can be a lot of things but if anyone tells you it's simply "bad" they've oversimplified it into the mud. Capitalism can be a fine system if it's controlled properly, at least until a truly better system is invented. If anyone has blind faith in or blind opposition to capitalism they are just blind and anyone with more understanding of the system will take advantage of them.
 
Capitalism is simply a system in which monetary wealth (capital) belongs to private people rather than a collective government, king, comrade, church, etc.

I've heard plenty of people blame capitalism for slavery because slaves in the U.S "belonged" to private owners. But, slavery preceded capitalism all over the world. And, the success of capitalism in the industrial Northern U.S was partly responsible for defeating slavery in the South during the Civil War.

Capitalism can be a lot of things but if anyone tells you it's simply "bad" they've oversimplified it into the mud. Capitalism can be a fine system if it's controlled properly, at least until a truly better system is invented. If anyone has blind faith in or blind opposition to capitalism they are just blind and anyone with more understanding of the system will take advantage of them.

Brother Demijo ... thank you for sharing, and i have some questions ... :)

First, i really like your very simplistic, one sentence definition of capitalism, for it makes it easy for someone like me (who knows nothing) to try and understand. Thank You.

Using that sentence ... Capitalism is simply a system in which monetary wealth (capital) belongs to private people rather than a collective government, king, comrade, church, etc. ... makes me wonder, how much of this country is truly capitalist?

The historic role that the collective government has played, in assuring that only some of the private people they have jurisdiction over, will become wealthy, by legislating that other private people ... are not people at all ... to the advantage of a select group ... seems something other than capitalism.

Would you agree with that?

In addition, this selective capitalistic opportunity, afforded to some, has in turn, made the same "collective government" rich with increase ... also seems to suggest that it's not a straight, out of the box, capitalistic society ... since the collective government has benefited.

Again ... what do you think of that.

Also, last but not least, am i to understand that the term capitalist and slavery are not necessarily tied to each other. That a country could be capitalist, and have no slavery in their history. Do you know of any countries like that, that you could name? Hmmm ... i think i'm thinking out loud right now ... but ... it's not necessarily the capitalism that's the problem, but the racism ... right?

Thanks for helping me understand enough to even have a question!

Much Love and Peace.

:heart:

Destee
 
We pretty much, had a free market system along with elements of socialism...

Capitalism is simply a system in which monetary wealth (capital) belongs to private people rather than a collective government, king, comrade, church, etc.

I've heard plenty of people blame capitalism for slavery because slaves in the U.S "belonged" to private owners. But, slavery preceded capitalism all over the world. And, the success of capitalism in the industrial Northern U.S was partly responsible for defeating slavery in the South during the Civil War.

Capitalism can be a lot of things but if anyone tells you it's simply "bad" they've oversimplified it into the mud. Capitalism can be a fine system if it's controlled properly, at least until a truly better system is invented. If anyone has blind faith in or blind opposition to capitalism they are just blind and anyone with more understanding of the system will take advantage of them.

for over 30,000 years and it remained somewhat stable until around 800 years ago with the birth of Islam which encouraged many African leaders to become empire builders and the rudiments of militarism and fascist ideologies towards non muslims and women.

What we see today is a far cry from what Adam Smith had devised, and is making him roll over in the grave.
Capitalism is just like communism, something which is meant to be good but cannot be left alone unatended like a campfire in the middle of a dense forest, because they will burn and harm many.
these systems only work with an administration that accentuates altruism over avarice.
During the Kennedy administration capitalism worked quite well, however the Rockeffelors, Democratic oil barrons and republican war hawks had to make sure that that the nation was unable to print it's own currency and that the Federal Reserve would maintain a stranglehold on all economic progress of everyday Americans.
Kennedy had hoped to abolish that foreign bank calling shots on US soil.
The Fed Reseerve at the ehest of the multinational family of the morgans caused the great depression simply by shorting the supply of capital available so regardless of how much suffering and horror, they were able to buy stocks for pennies on the dollar.
The neocons and neoliberls had tried since the time of Reagan to destroy Glass Steagal,which was a safegurad against corporate corruption, hedge funds, subprime scandals and another depression.
They united in 1999 to destroy this act so that the "campfire" has turned into a major forest fire that is now burning out of control and without water to put it out.

Collective Black economics within a nation state can run perfectly under an altruistic non egotistical communism or socialism, however for situation when one is the minority in a corrupt nation,
capitalism is a stepping stone to freedom;
(Claude Anderson, "Black Labor White Wealth")

Only by working for ourseves, with our own means of production and the making of our own food clothing and shelter as well as alternative energy, will we ever find any real freedom and respect.
(Marcus Garvey, "Philosophy and Opinions",
Elijah Muhammed, "Message to the Black Man"
John Henrik Clarke, "African World Revoution",
Amos Wilson, "Black Power", Chancelor Williams, "The Destruction of Black Civilizations")
 
The historic role that the collective government has played, in assuring that only some of the private people they have jurisdiction over, will become wealthy, by legislating that other private people ... are not people at all ... to the advantage of a select group ... seems something other than capitalism.

Would you agree with that?

You're right Sister, it isn't pure capitalism because government interferes with spread of wealth among the private citizens and private citizens with wealth interfere in government. Government makes it more profitable to invest in oil than work in a hospital saving people's lives every day because government was altered by the people who like to invest in oil.
This is the result of pure capitalism without the oversight of a careful and well-educated society or the foresight of a good government.

In addition, this selective capitalistic opportunity, afforded to some, has in turn, made the same "collective government" rich with increase ... also seems to suggest that it's not a straight, out of the box, capitalistic society ... since the collective government has benefited.

Again ... what do you think of that.

Exactly. In order for a capitalist society to exist for the benefit of it's people it needs to have the oversight of an impartial government that isn't influenced by capital. As long as a government gets its money from the same banks that the people do the government will be helpless to protect it's people from the biggest benefactors of capitalism; those who control the majority of wealth.

Without government oversight, which is what some people call "pure capitalism," those already rich will continue getting richer until they own almost everything and it becomes a feudal society once again.

The U.S uses some government oversight but it cannot oversee the very richest people because these people control the government through their capital. Thus, the government oversight just prevents anyone else from becoming equally wealthy and balancing the government's bias.

Also, last but not least, am i to understand that the term capitalist and slavery are not necessarily tied to each other. That a country could be capitalist, and have no slavery in their history. Do you know of any countries like that, that you could name? Hmmm ... i think i'm thinking out loud right now ... but ... it's not necessarily the capitalism that's the problem, but the racism ... right?

I can't think of any countries anywhere without slavery somewhere in their history. Capitalism can end slavery though, like it did in Europe, unless racism is invented to prevent individual slaves from owning wealth.
And a purely capitalist system can return to slavery if the lowest class is always in debt and forced to work to pay off the debt.

Communism can also end slavery with the redistribution of wealth, and return to slavery if all wealth is controlled by a few members of government + their friends who dictate what everyone does.

luv
 

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