The Myths of Capitalism

Posted: October 12, 2017 in Things that aren't what they seem
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In The Myths of Capitalism, Michael Parenti explodes the most prevalent myths the ruling elite perpetuates regarding capitalism. Examples include

  • Capitalism produces prosperity – in truth capitalism produces prosperity for a handful of people and poverty for nearly everyone else. Parenti gives numerous examples of this.
  • The poor are responsible for their own poverty and are always looking for handouts – in reality, poverty occurs when the ruling elite privatize resources and public services to increase profits. Wherever capitalism is introduced, poverty follows.
  • Privately run businesses are always more efficient than those that are publicly run – Parenti gives number examples (including the post office, Medicare and Social Security) of government-run operations that have far less bureaucracy and far lower administrative costs than their private counterparts.
  • Capitalism fosters democracy – Parenti demonstrates quite ably how the exact opposite is true. A well educated working class that resists exploitation by exercising their democratic rights is an enormous threat to private profit. The US ruling elite fully supported the Bush/Obama suspension of basic civil liberties, the routine surveillance of the citizenry and the introduction of torture.

Most of the presentation focuses on the corporate crime and corruption and routine economic instability inherent in a capitalist economic system. Under modern industrial capitalism the only way to keep the economy from collapsing is to undertake a permanent state of perpetual war.

Comments
  1. The US has always relied on hand-picked despots in the 3rd world to maintain their empire.

  2. But many Americans think capitalism is their friend. What would they do if they could not buy, buy and buy useless junk, thus keeping the corporate bigwigs happy, wealthy and privileged while we sicken and drop dead even before we see the first grey hair? We love capitalism, doncha know.

    Americans like to look good, even when they’re dead and young corpses look better than older ones or so they think but just don’t look too closely at what’s lying inside the coffin.

    • futuret says:

      YOU ALWAYS GET WHAT YOU PAY FOR, AND IN EVERY COUNTRY AND CIVILIZATION THERE ARE THE ONES WHO HAVE AND THE ONES WHO HAVE NOT. I KNOW THAT IN THE DOLLAR STORES HERE, THINGS ARE FAR DIFFERENT THAN SOME OF THE UPSCALE STORES. IT IS ALSO DAMNED DIFFICULT TO EVEN GET CREMATED NOW.

      • Unfortunately, the poor cannot pay for much since they are working for wages that do not sustain them. And many have no burial insurance and that is why GoFundMe campaigns are all the rage; the need to fund expenses such as that and for medical bills and medical procedure costs. It is a damn shame that people have to beg strangers to come to their assistance and you cannot even be assured of a pauper’s burial upon death.

        Ain’t ‘capitalism’ wonderful?

        • futuret says:

          I AM TRULY A LONER IN THIS. I DO NOT SUPPORT ANY TYPE OF GOVERNMENT OR ECONOMIC SYSTEM. TO ME THEY ARE ALL ROTTEN. YOU HAVE PEOPLE SUFFERING IN EVERY COUNTRY OF THE WORLD, AND NOT THOSE PRO OR CAPITALISM. THERE IS IMMENSE SUFFERING IN EVERY COUNTRY. IF YOU ASK ME, ALL GOVERNMENTS AND PEOPLES OF THE PLANET, SHOULD RETURN TO THE TEN COMMANDMENTS. THIS IS THE ONLY FORMAT THAT I SUPPORT AND AM IN FAVOR OF.

          • Futuret, I am also in favor of abolishing all governments and states. And letting people govern themselves by consensus in which everyone gets an equal voice – no matter who they are.

    • I think this is all going to change pretty quickly, Shelby. Alfred McCoy and others believe the US began its downward slide with George W Bush’s rash invasion of Iraq. They have now been wasting trillions of dollars on unwinnable wars in the Middle of East, while China has been busily investing its trade surplus in building a vast economic network across Africa and most of Eurasia. I was very surprised to learn that they are starting to be more advanced than the US militarily – cyberwarfare-wise they have the ability to cripple essential US infrastructure (grid, telecommunications and energy pipelines). They also have the ability to shoot down US satellite (on which much drone and missile operations are based) – while theirs are immune because their based on transmission of light wave particles rather than radio waves.

      I think things are going to continue to get worse economically for the domestic population as the US economy continues to decline – but things don’t look good for the bald white men in suits who run Wall Street and our political system.

  3. jtremaine says:

    I work in a Casino.

  4. I remember you mentioning that, John – that you met Osama bin Laden there, wasn’t it?

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