Capitalism Run Amok

Capitalism Run Amok

For to all those who have, more will be given, and they will have in abundance; but from those who have nothing, even what they have will be taken from them. Matthew 25:29

For the most part, I consider myself a capitalist, meaning I believe when the marketplace of products, services, and ideas allows unfettered interaction between suppliers and consumers, the price, quality, and quantity of products will be beneficial to buyers and sellers alike. Unfortunately, the truly free marketplace required for capitalism to benefit everyone is a myth – a fairy-tale-like theory finding its only reality in Economics textbooks. Although I think a capitalistic economy can be fair and just for most of society, in terms of price, availability, and quality of products, it is highly susceptible to leaving others flailing in its wake. Today, we have an economy where market forces have been tweaked in ways that increasingly widen the wealth gap between the haves and have-nots. We are experiencing the decimation of the middle class, which was once the stabilizing majority, as more and more people are being relegated to the lower class, driven into poverty, or left homeless. Worse yet, the opportunities to move up from the lower classes are increasingly being squelched by the marketplace. The current evolution of capitalism is artificially skewed to benefit the wealthy and has led to the situation where capitalism has run amok.

The United States, in particular, is obsessed with individual and collective productivity, and capitalism loves productivity. In theory, the harder one works, the higher the quantity and/or quality of offerings they provide to the market, and the more they will reap its rewards, i.e., money, for their efforts. By contrast, in a purely communistic economy, workers are rewarded (paid) equally regardless of the quantity or quality of their work. Product prices and worker wages are set by the governing body. In pure capitalism, prices and wages are set by market forces based on their comparative value.

How we define productive work worthy of market rewards, however, is highly subjective. In general, the arts, entertainment, and sports, except at the very highest levels, are valued more as game-like activities than as productive work. Many workers providing critical services to the poor are poorly compensated. Social workers, teachers, police and fire are examples where the provision of critical social needs is not always compensated in a manner reflective of the need. Our focus on certain types of productivity is evident in the systems that have developed tying basic human needs with one’s employment, the most glaring example being healthcare. If one cannot obtain health insurance through an employer, either because of being unemployed or working in a job where affordable health insurance is not offered, one often goes un-or-underinsured, seeks charity care, or tries to qualify for Medicaid, which is state-regulated insurance offered to the poorest in society. Unfortunately, Medicaid eligibility, coverages, providers, and reimbursements vary widely from state to state and are extremely restricted in many states. If a person is not productive in ways of value to the marketplace, their options for healthcare, housing, and other life-necessities are severely restricted. Unless a person is employed by a company that pays a living wage and offers a decent benefit plan, they are almost certainly relegated to the lower levels of society. And capitalistic economies encourage that, regardless of why a person is unable to obtain reasonable employment.

Some folks believe Jesus was a capitalist, meaning a person’s worth is tied to their production, because of the parable of the talents[1] found in Matthew 25:14-30, part of which is excerpted as the epigraph for this reflection. Based on Jesus’ affinity for the poor and unfailing commitment to social justice, however, I read the parable more as a statement of how the economy actually operated in his day, instead of implying his support for an economy that left so few with so much and so many with so little. In that light, Jesus’ parable was an eerie foreshadowing of the situation we’re in today.

In a capitalistic economy, our feelings of self-worth, self-image, and identity easily become tied to what we produce, how much money we make, and the quantity and quality of our possessions. Our opinions of others are often based on similar measures. In his book, The Return of the Prodigal Son,[2] author and priest Henri Nouwen named three lies we tell ourselves: 1. I am what I have; 2. I am what I do; and 3. I am what other people say about me. What is the value of one who cannot work because of a disability, or who cannot work full-time because of family obligations, or whose physical or mental health precludes steady employment, or whose abilities are not highly valued by the market? Are they worth-less? How should their “worth” be determined? These are questions that capitalistic societies struggle to address adequately.

This is the 14^th in a series about The New-Old Social Pandemic. The opinions expressed here are mine. To engage with me or to explore contemplative spiritual direction, contact me at ghildenbrand@sunflower.com.

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[1] A talent was worth about 15 years’ wages for a worker.

[2] Henri Nouwen, The Return of the Prodigal Son, Doubleday, 1992.