The Morals Of Capitalism

Capitalism has been the topic of much debate in recent times, and many disparaging remarks have caused politicians to call for all kinds of better capitalism, fairer capitalism, responsible capitalism and other such phrases. In order to put some sense and perspective to our current crisis it seems necessary to define capitalism and compare it to what we see in modern times in order to restore confidence in the word. 

Those who do not busy themselves with such definitions tend probably to have a negative reaction to the word capitalism. The USA is generally regarded as the most capitalist country on Earth and this is contrasted to Communism, previously embodied in Soviet Russia and now most famously in China. We read of how China has delivered the fastest ever period of economic growth and how the economies of the west are stagnating. Recession looms in the west and many begin to doubt capitalism as a system that delivers economic prosperity in a fair and sustainable manner. 

We have proven that capitalism works, economically that is, in that it is the most efficient way of fostering innovation and enriching a population with material wealth. All the great achievements in our history, in industry and technology, have come about not by government directed projects, but by individuals pursuing their own interests in a free society.

Critics of capitalism do not normally dispute this but instead tend to come at it from a moral standpoint, saying that the system does not deliver by some moral, ethical or spiritual measure, and that the inequalities it creates are not ‘fair.’ In order to understand why capitalism should be embraced, it is necessary to talk about what the word ‘fair’ actually means, and to understand that there has never been an alternative system proposed that adequately rewards everyone’s individual contribution to society.

Uprising

All bore witness this year to the unstoppable power of the people. From the moment that Mohamed Bouazizi set himself ablaze in Tunisia last December, after protesting against police corruption and his personal mistreatment and denial of basic rights, a wave of unrest spread around the Arab world in attempts to bring about an end to their autocratic governments. Several other martyrs imitated Bouazizi’s act of self immolation. Many demonstrations escalated into violent rioting. Protest became full scale revolution. 

The rulers in Tunisia and Egypt were overthrown and a bloody civil war brought about the downfall of the regime in Libya. Sustained protests, civil disorder and governmental reform announcements have also taken place in various forms, and to varying degrees, in Syria, Yemen, Algeria, Morocco, Oman, Lebanon, Jordan and Kuwait.

Each and every country is unique, but the actions of the people involved were, on the whole, motivated through a desire to end human rights violations, government corruption, and the concentration of wealth and power among a small aristocracy. Most feel that this can be best achieved by replacing their longstanding dictatorships or absolute monarchies with a more democratic government.

The stalwart determination of the people in the Middle East, and the way in which the movement inspired neighbouring nations to break their silence and join the revolution, sent a message to the whole world, reminding us that the thirst for individual liberty and justice is shared by all mankind, and even under the most suppressive of regimes, the people will, in the end, rise up and demand that power be rebalanced to reflect the views of the majority. This message was followed by a joint response from the western nations, expressing solidarity and empathy for the revolutionaries and a unified international consensus that the unwanted dictators should either lead a transition to a more democratic rule, or get out of the way. We in the west went through these same struggles for freedom in around the 17th and 18th centuries, and many lives were sacrificed in order to establish a government for the people, by the people. 

Of course, every nation is different, and each will establish its own freedoms in its own way at its own pace. Such a move must ultimately come from the people who are directly involved, and not through international interference. Many peoples around the planet still seek the basic freedoms that we here in the west take for granted.

We can certainly say that democracy is much more popular than it was, say 300 years ago, and that the technology and ease of communication we have today makes it also much more feasible. However, democracy is not something that once attained is guaranteed. A wise man once said that ‘every generation must wage a new war for freedom against new forces which seek through new devices to enslave mankind.’ We can but speculate as to where, when and in what form the next push for democracy will be.