Capitalism is a form of economy where the distribution of goods is decided by competition in a free market (according to Merriam-Webster). Simplified, this means that what we have available to buy is decided by us the buyers and the sellers. Theoretically, the sellers will compete which should result in lower prices and better products.
This system should result in a utopia with the lowest prices possible and the best products humanity has seen. Instead, we’ve ended up with a ridiculously small number of companies owning almost everything. Hats off to the people who managed to accomplish that, but this should have never been allowed to happen.
The fact that capitalism failed is largely due to the government. You see, even in a theoretical model of capitalism, the government still exists and is meant to keep things in check. If our governments were competent at preventing a monopoly from occurring, it’s likely we would have a better world. Of course, that’s highly presumptuous but also reasonably possible.
Apart from the legal flaws of capitalism, the social impacts of it are also devastating. This has resulted in a culture where burnout is seen as a badge of honour and a work-life balance is viewed as frivolous. In addition, things that should be viewed as basic necessities are classed as luxuries (period products and affordable/free healthcare being an example).
The most infuriating is that those who have the power to fix this broken mess (aka the government and the rich) have little interest in doing so. It’s understandable that the rich don’t want to lose some of what they’ve earned, but it does beg the question about whether they actually need or would use that small portion of their wealth. Lastly, the inaction on the part of the goverment to address this is exasperating to say the least. Quite frankly, we should just overthrow the government. I’m only half joking.