How capitalism has failed us

We meet in the midst of a nation brought to the verge of moral, political, and material ruin… our homes are covered with mortgages, labor impoverished; and the land concentrating in the hands of the capitalists… The fruits of toil of millions are boldly stolen to build up colossal fortunes for the few, unprecedented in the history of mankind; and the possessors of these, in turn, despise the republic and endanger liberty. From the same prolific womb of governmental injustice we breed two great classes … tramps and millionaires.*

The failure of capitalismYou might be forgiven for thinking that was something that came from the mouth of a modern Democrat lamenting on the decay of America and the rise of the rich under Donald Trump and his Republican minions. But you’d be wrong: it’s actually from the late 19th century. It was the preamble to the platform of the People’s Party, back before American politics was dominated by just two parties. Between 1870 and 1900, there were at least nine or ten political parties running for office in the USA, some of which merged or morphed into others in that period.

It’s not so much the number of parties that identified the era, but that America had a much more diverse political culture with a much wider range or platforms and perspectives from which to choose. And there was a lot more leftist, activist sentiment than today.

At least some of the issues and problems faced by the nation in the late 19th century were the same as they are today. The great and increasing disparity between the working classes and the rich was causing enormous social and political upset, just like today. People took to the streets to protest about it. Violently and often. Our Labour Day holiday is the result of workers’ protests. May Day celebrates the protests for an eight-hour workday. Our child labour laws came from similar protests.

But today, we don’t seem to have much of an organized protest movement to challenge the control of the government by the rich. Alvaro Sanchez, writing on the Common Dreams website, noted,

Tell people their gas taxes are going up and they will riot, literally. Tell people that 62 individuals hold the same amount of wealth as the 3.7 billion people who make up the poorest half of the world’s population and we don’t blink an eye.

An Oxfam report on wealth inequality is headlined, “Richest 1 percent bagged 82 percent of wealth created last year – poorest half of humanity got nothing.” The Oxfam website notes:

Winnie Byanyima, Executive Director of Oxfam International said: “The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system. The people who make our clothes, assemble our phones and grow our food are being exploited to ensure a steady supply of cheap goods, and swell the profits of corporations and billionaire investors.”

Many of the economic and social conditions today are frighteningly similar to those in the Second Industrial Revolution (1870-1914), the time of the industrial revolution and the monopoly capitalists.

Yes, there was Occupy Wall Street, a short-lived protest movement that launched in 2011; it gave us some hope that people were not going to tolerate the wealth inequalities and pro-rich tax policies of Western governments, but it faded away after barely a year of action. Fickle media attention moved on.

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