Capitalism: Why Does the US Cherish It?

The philosophy of an economic system powered by natural resources and the means of producing goods and services, which can be privately owned or summed up in one word, “capitalism.”  Meaning Joe Shmoe can produce an innovative doo-dad, manufacture and sell his product, and besides the subtraction of taxes gain a profit.  So why is this idea or system of economics is cherished by so many Americans? (Macionis, 1998, p. 434)

For one thing, “the pursuit of happiness,” or in other words every man and woman has a chance not only to become rich, famous, and successful, but each a productive individual and or organization has a part in the United States market.  Based on the success of these producers, as well as consumers, our countries market can strive.  Whereas other philosophies such as Communism where pretty much everyone in a nation shares, and Mercantilism where the state controls the market, Joe Shmoe would be no different than the Jones’s up the street.  With capitalism, you are trying to keep up or surpass the Jones’s.

So why do we as American’s prize our Big Mac’s and Gucci purses, where in other countries people are just happy to be handed out food rations on a daily basis, or even hold their one pair of pass-down shoes so close?  The power of living in a capitalist society, is that it is possible to have your cake and eat it too and why not?  America’s market is based  and controlled by the demand of human desire more or less.  We are a culture moved by profit, ambition, and for the most part define who we are by the possessions we possess. (Price, 2009)

So why is capitalism so important to America?  In 1607, mainly Jamestown and Plymouth of Virginia, the leaders demanded that these areas follow the Socialism/Communism philosophy, where no one could own private property and had to labor for the greater good of the settlement.  Over a thousand settlers died of either hunger or diseases and it was not until 1611 when new leadership was sent from the mother country that something had to change.  Therefore, the new governor mandated that people of the colony could own their own property.  When the settlers realized that, they can see direct results from their labor.  With this change came higher yield of goods output and the end of starvation. (Leef, 2004)

In conclusion, capitalism is a philosophy that may have proved successful to the United States, but may not be the answer for other countries.  Capitalism, as well as other economic philosophies comes with a price, and sometimes a price that not many nations can afford.  At this point in our economy, capitalism may not be the absolute answer, with so many making the most of what they have, whether it’s sufficient enough or not.  A majority of American’s need external help such as medical, food as well as shelter and other necessities.  Yes, our government has been attempting to morph with the times, by implementing Medicaid, WIC and other human and health services, but for some reason it is still not enough.  Even though capitalism proved to be essential in the success of America’s past, maybe it’s finally time to shift our economic system in  a direction that we can all benefit from and at the same time, enjoy the fruits of our labor.

References

1.      Leef, G. C. (2004, December 31). Book Review: How Capitalism Saved America, by Thomas DiLorenzo. Retrieved June 26, 2009, from Fff.org Web site: http://www.fff.org/freedom/fd0410f.asp

2.      Macionis, J. J. (1998). Glossary. In N. Roberts (Ed.), Society: The basics (fourth ed., p. 434). Hoboken, NJ: Prentice Hall.

3.      Price, R. G. (2009, February 4). Understanding Capitalism Part IV: Capitalism, culture and society. Retrieved June 26, 2009, from Rationalrevolution.net Web site: http://www.rationalrevolution.net/articles/capitalism_culture.htm