Economy
Capitalism Is Not Evil. It is Just Ill and Needs to Be Cured.
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Ill Is Not to Maximize Profits. It Is Not Maximizing It for All.
The most excellent innovation machine — capitalism — deserves credit. Meanwhile, equally, indisputable is the fact that it warrants a watch. It must be examined and restricted back every time it steps over the line. However, considering the larger benefit of the society, it cannot be disposed of, even so, it may sound cynical and scornful, the same way how governments cannot be done away with. Our relationship with capitalism is very touchy right now. Individual sections of the society are ready to run down everything that has ever been achieved by it, good and bad. Why have we made a demon out of a system that has given us some of the greatest inventions of our times? Right now, I am using Microsoft Word to write this article on my Mac with the help of the internet. All this is plausible only because we have the gifts of innovations that these brilliant entrepreneurs have given us.
Not to forget Thomas Edison, one of America’s greatest inventors, innovators, and businessman, for not just inventing the bulb but also producing it at an economically viable price. Though many disagree that he invented it, exactly how Mark Zuckerberg did not develop Facebook, and the ideas were stolen from elsewhere. I would still like to give it to them for the innovation part. In Edison’s case, even if one believes the skeptics, that he did not invent it and others did before him, he still innovated better than others as the bulb he designed had higher resistance and hence was more cost-effective.
Coming back to the markets, they are vital to providing “economic freedom” to the maximum number of people in a democracy. It’ll be oversimplifying markets if we define them just by the equilibrium achieved in the demand and supply of aggregate goods and services that don’t even serve all. To create inclusive markets, we need institutions that not only promote the implementation of existing laws, rights and contracts but also help arrange exchanges in a way that they do not limit the scope of labor to rise in the economic and…
