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Economic Freedom vs. Economic “Equality”

Even with Communism and Capitalism both being classified as political ideologies, their roots and formation are very different. I perceive Marx had a deep distaste for “…free competition, accompanied by a social and political constitution…” (Marx, Karl, 1883). The Communist Manifesto, his and Fredrich Engels’ written literature was formed out of pure hatred for the free market and the wealthy class -> Economic freedom vs economic equality

With Marx being in the era of the Industrial Revolution (Mid 1800’s), Corporations were expanding beyond handmade production. Marx considered the Industrial Revolution as “…dislodge[ing]” (Marx, Karl, 1883) and a destabilizing factor to the current economic structure built on the foundation of the exchange of raw materials and slow production.

In contrast, Capitalism is far older and was established in the original 13 colonies, prior to the signing of the Declaration of Independence which started The American Revolution.

To me, the more grass rooted and positively developed doctrine by Smith, portrayed a concept valued by myself and many Americans: The economic appreciation of all classes.  As subtly mentioned before, Capitalism is known for the encouragement and opportunity for economic, class and global advancement.

This, due to market fluctuation and free competition, allows a Countries’ citizens to thrive. The spirit in which Adams developed and formed the idea of Capitalism contributes largely to my personal favourability of Capitalism over Communism.

I am very fond of progressing economically in order to create new opportunities for a countries’ citizens. As economic ideologies, both meant for the betterment of the economy, Capitalism exhibits the means to do so. Capitalism has open arms for global participation, free trade and diplomatic actions; all of which better our economy and international relationships. Communism, however, is very much against those principals.

Throughout The Communist manifesto, Marx references those principles as “Intercourse” (Marx, Karl, 1883) and claims that they allow “National one-sidedness and narrow-mindedness become more and more impossible.” (Marx, Karl,1883). This causes Communism to focus more on Government reliance and “cradle to the grave” handouts, which poses the question:

How long can one’s country sustain itself?

With Capitalism, this question is already answered, and the assurances given by this specific economic system such as entrepreneurship and occupational diversification, which is not achievable with an ideology that denounces the ownership of private property. This is only a few reasons I prefer a market that is run freely and naturally.

Imagine, working 20 hours more than your co-workers and still getting paid the same amount of money. Or, to put it into a more personal prospective, would you tip a mediocre waiter/waitress the same as you would waiter/waitress who granted you and your table excellent service? I you answered yes, then you support a form of capitalism, if no, then This is a perfect example of Communism taking its place in the economy.

Marx adamantly wished for an economy ran by one class: The Working-Class also referred to as “Proletariat” (modern day low-middle class).. Marx’s belief in a one class system and less wage diversity is perceived as how he exhibits his disgust for wages in the following excerpt: “ It [Wages] has [have] converted the physician, the lawyer, the priest, the poet, the man of science, into its paid wage labourers” (Marx, Karl, 1883).

Wages in a Capitalist society do not devalue an occupation, as Marx believed, but in fact add value and allows all classes to participate in earning different values and types of income. All of which are regulated by market aspects such as supply and demand, equilibrium, succession, borrowing and lending etc.

As my preference, I feel Capitalism promotes wages as an incentive for better standards of living, class advancement and occupational variety, which would lack in a Communist society.

You could have three citizens with different jobs in different wage brackets in a Capitalist society versus having three people with the same job and same wage bracket in a Communist society because of the desire for everyone to be considered “equal”. However, so called “economic equality” doesn’t always mean a thriving economy in fact, it means a stagnant one.

Economic Freedom vs Economic Equality

 

 

 

 

 

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