Capitalism is seen as a Marxist term and it takes on various forms and meanings. Today, we have crony capitalism, corporate capitalism, oligarchic capitalism, and a few others. However, the critics of capitalism don’t make such distinctions when talking about the cultural destruction it has caused.

Advantages and disadvantages

The traditional culture and the old ways of living have been affected to a great extent by capitalism. The competitive market economies across the world have considerably altered traditional cultures. This is not limited to Asia, Africa, or the Polynesian Islands. History has shown us that the market economies significantly transformed traditions in the United States and Western Europe. 

This is mainly done through innovation. With the advent of new technologies, industries, products, and services, the older ones become obsolete. New methods of management and division of labour alter the traditional ways of working and interacting socially. The previous roles of men and women in society and in their homes are changed. It does bring some social benefits to society as a result of economic growth. 

Extreme poverty is reduced to a great extent and employment is generated. On the other hand, some traditional arts and crafts are lost. Even if they manage to survive, they are restricted to museums and cultural shows. As a result, many traditional artisans and craftsmen lose their livelihood.

The faulty ways of advertising

Another powerful criticism of capitalism is that it can go to any extent to fulfil its profit motive. Today we can see how products for children are advertised. The marketing and advertising agencies try to market directly to children, often bypassing their parents. These children can be as young as three and four years of age. Millions of dollars are spent in advertising and marketing research by companies. 

Children begin to define themselves by the brands they use. Today, brands have replaced families, religion, and communities as sources of identities. Eventually, they begin to become the product that is purchased for them. This is also true to some extent in the case of teenagers and adults.

Preventing capitalism from destroying culture

It would be a mistake to say that the market economy is neutral. Markets that are left to their own devices cannot take care of everything on their own. It would also be a mistake to blame capitalism as the only cause of cultural destruction. Nothing is perfect. Just like democracy, capitalism needs a strong civil society, mediating institutions, and a rich culture for better control. 

This would go a long way in controlling its negative effects. Simply blaming capitalism will not take society very far. At the same time, we also need to protect our culture. All that needs to be done today is to approach everything in a balanced manner. 

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In the book The Time Machine, HG Wells had tried to forecast humanity’s far future. We might be in a position of great privilege today. Yet, we’re not even close to controlling natural disasters. Here, we’ve tried to present some of the possible threats faced by humanity:

1. Nuclear war

The entire world has seen the destructive powers of nuclear weapons. In the Second World War, they were used in the Japanese cities of Hiroshima and Nagasaki. The nuclear arms race reached its peak during the Cold War. We must not forget the Cuban Missile crisis as well. Although the nuclear stockpiles have reduced considerably, the threat still exists. 

There have been a lot of close calls and dangerous mistakes with regards to nuclear deterrence. It would be a mistake to conclude that a nuclear war is impossible. A full-scale nuclear war would terminate millions of humans directly or through its aftermath.

2. Artificial intelligence

We became superior to the apes only by a small enhancement in our intelligence. As if this intelligence was not enough, we’ve developed artificial intelligence today. This might remind you of The Matrix Trilogy and the Terminator series. In these movies, we’re shown a doomsday scenario where machines take over the world. 

Now, it’s highly possible that the development of certain super-intelligent systems might end in a big disaster. If the goals are badly set for the development of super-intelligent systems, the consequences would be even more disastrous.

3. Abuse of nanotechnology

Nanotechnology refers to the molecular or atomic precision by which matter is controlled. Of course, for most of the applications, this is definitely good news. The problem is that it can be abused if it falls into wrong hands. Here, you might be reminded of the ‘grey goo’ scenario, where everything gets eaten by the self-replicating nanomachines. 

The most obvious risk would be the manufacture of weapons using nanotechnology. For example, it’s possible to build surveillance systems that can keep populations obedient. Arms races might accelerate and become unstable, resulting in a greater threat to humanity.

4. Engineered pandemic

More people have been killed by natural pandemics than wars. Today, we have excellent resources that can counter natural pandemics. Unfortunately, today’s technologies make it possible to engineer pandemics. Governments looking for something controllable have worked on developing bio-weapons. This is because it is not militarily useful to wipe out humanity. 

Some have lived with the idea that the Earth would be better without humans. These are the people who might indulge in the engineering of pandemics. Who can forget the doomsday cult, Aum Shinrikyo? Its founder, Shoko Asahara had masterminded the sarin gas attack on the Tokyo subway. 

This attack resulted in more than 5,500 individuals being taken to hospitals. Out of the 14 who died, 37 were deemed critical, and 984 developed vision problems.

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It has resulted in the never-ending cycle of acquiring goods and services in excess. This concept began after World War II and has intensified ever since. It associates a person’s happiness with the consumption of goods and material possessions.

Benefits

Researchers are divided in their opinion about consumerism. Some believe that it has created a rift between nature and humans. Others are of the view that consumerism has lifted people from misery and made their lives meaningful. Many researchers also believe that it has connected people who are associated with common consumer culture. 

Despite such differences in opinion, the fact remains that consumerism continues to thrive. One of the benefits of consumerism is its ability to keep production growing. An increase in production would obviously increase the rate of employment. This leads to an increase in people’s spending power and creates a demand for goods and services. 

Those in need can expect food and job security. Homelessness goes into decline as people can rent or buy homes. Competition compels the companies producing goods and services to come up with great innovations. Products and services that have never existed in the market are invented to make people’s lives better. This also ensures the survival of these companies in the highly competitive market.

Disadvantages

The culture of people is affected by consumerism to a great extent. The darker side of this concept can be witnessed almost everywhere today. People are gradually becoming the slaves of consumption. Let’s take the example of Apple’s iPhones. These smartphones are updated periodically, which results in the creation of new phones. The introduction of ‘new’ leads to dissatisfaction with the ‘old’. 

This feeling of dissatisfaction takes over the minds of those who own iPhones. A desire to own the latest iPhone makes them spend more to get the updated one. The desires of consumers are also fueled by constant advertisements and media promotions. Consumers are made to believe that owning the latest phone from Apple is necessary for their happiness. 

So, consumerism ultimately becomes less about owning goods and more about a step ahead of others. Consumerism also leads to inequality. The gap between the rich and the poor widens. According to reliable sources, nearly 60% of the world’s resources were consumed by 10% of the world’s wealthiest population. This explains the fact that consumerism and globalization have resulted in unequal distribution of wealth. 

The worst part of consumerism is that it has led to the exploitation of natural resources and the environment. One of the major problems the world is grappling with is waste disposal. In order to dispose of wastes, oceans are being used as giant spaces for disposal. 

This clearly points out the fact that the negative side of consumerism outweighs its benefits of it. Over the years, consumerism has threatened to destroy a human being’s spiritual connection with nature. The world today needs a radical change in consumer behaviour like never before.

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We have seen in the past few years how media can influence and manipulate society. They even hold the power to control the world at times. This control can either be positive or negative, but most of the time it’s the latter.

Constant access to news

Many controversial stories are reported today and their reliability is often questionable. However, the public is expected to believe everything they’re told. Over a period of time, certain media houses build a considerable reputation for themselves. 

People are somehow compelled not to question the news that they report. Newspapers and magazines have their websites, where the posted articles are instantly available across the world. They’re kept updated at all times and are received quicker than print media. 

Additionally, their social media channels are also updated with links to all these articles. With the tag of ‘Breaking News’, they spread instantly. This is done to make sure that there is continuous access to the happenings in the world.

How Miley Cyrus’s fame was manipulated

The media can change the careers of celebrities in a flash by influencing the way they’re viewed. One of the best examples in this regard would be Miley Cyrus. She achieved a lot of fame at an early age. This can be attributed to the influence of her father Billy Ray Cyrus and her godmother Dolly Parton. They’re both American singers of country music. 

Owing to her minor acting roles, Miley became a popular child star by the age of 11. She achieved great success with Hannah Montana. It’s an American teen sitcom based on a teenage girl. Her life is split between that of a teen pop star and of an ordinary schoolgirl. The role of this teenage girl was played by Miley. 

She instantly became a role model to numerous young girls across the world. It is not something that she had asked for, it came with her work. In 2012, she got engaged to Liam Hemsworth. The media immediately began picking up on everything that she did. She soon found herself in the midst of controversies, which seemed inappropriate to her younger fans. 

This created a bad image of her to the public as well as her parents. What’s worth noting is the fact that none of her positive acts was given significance in the media. She has supported more than 35 charities during her career.

The case of diver Tom Daley

One of the top athletes of England, diver Tom Daley also had to endure media pressure. He also had to battle internet abuse during most of his senior career. Daley has won three gold medals in the Commonwealth Games. He has also won one silver and an Olympic bronze medal. With the success of a diving show called Splash!, his fame grew even more. 

At the Olympics of 2012, Daley was among the golden boys of the Great Britain team. The sport of diving itself has tremendous pressure. He had added pressure from the media and his home country. As a result, he failed to secure gold. 

The media made things difficult for him by publishing false stories. They created the impression that he was doing too much media and PR work. Some even said that he had not trained hard enough.

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However, this economic system is fed by the motive of profit and encourages competition. As a result, only certain sections of people get a fair share. There are many other negative impacts of capitalism on society,: which we’ve tried to explain here:

1. Inequality

The benefits arising out of capitalism are rarely distributed equally. Wealth rests in the hands of a very small percentage of the entire population. The demand for luxury goods is limited to a few among the total workforce. Inequality, therefore, keeps increasing. One of the reasons for the inequality is inherited wealth. 

In a capitalist economy, the children of wealthy individuals inherit their assets. Those born with certain privileges, therefore, are more likely to do well. They end up getting a better upbringing, education, and wealth.

2. Monopoly

Companies or firms that are successful in a free market can gain the power of monopoly. This gives them the ability to inflate the prices of their goods and services. The freedom of monopoly is thus abused and this causes a certain amount of loss to the consumers. 

Let us take the companies that supply tap water or electricity as an example here. They have a natural monopoly. If they inflate the prices, consumers would be left with no other alternative. They’ll have to pay the prices that they’re charged by these companies.

3. Unemployment of some individuals

The factors of production should be able to move from an unprofitable sector to a profitable industry. Although this is seen as something that’s quite empowering in a capitalist society, there are certain faults. Let’s take an example of a farmer who is unemployed due to some unforeseen events. 

He can’t just move to a big city and get a job immediately. As he has spent most of his life on the farm, he can’t let go of the geographical ties. He may not have the right skills for a new job as well. So, you’ll get to see many such people unemployed in capitalist societies.

4. Greed

Capitalism is based on the desire to earn profits. The system creates incentives for choosing profit over matters of social welfare. This might lead to a lot of greed in such societies. The theories of price discrimination might be employed by some firms to charge the consumers higher prices. This might lead to the creation of a society, where the rich can pay to jump a queue. 

This profit motive has been an encouragement for many firms. Some of the law firms pursue claims of litigation quite aggressively. In a way, this implies that a certain amount of resources are being given away just to protect themselves.

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