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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All of this has not stopped industries from producing more. No global standard has been adopted for classifying industries that are the most polluting. So, we’ve created this list based on research. Here are some of the most polluting industries harming the environment in recent times:

1. Transport

More than 20% of carbon emissions are caused by the transport industry. Freight and passenger travel are the two major components. Many people own cars today. This has led to the release of massive amounts of Carbon Dioxide into the air every year. 

There are certain steps that we can take to reduce the pollution caused by transport. They include limiting international travel and choosing public transport whenever possible.

2. Energy

It won’t come as a surprise to many that the energy industry is also among the most polluting industries. Most of the greenhouse gases are emitted from industries belonging to the energy sector. This is the result of the use of coal, which is a major contributor to climate change. Recently, 197 countries of the world agreed to reduce the use of coal. 

Over 140 countries among them have committed to reaching zero emissions. A significant increase in population has increased the demand for oil. In the year 2006, we were consuming 85 million barrels of oil a day. Just three years later, this had increased to 100 million barrels per day.

3. Retail

There’s a considerable gap between demand and supply of food owing to a growing population. Despite this, several tonnes of food is wasted every day. Retailers across the world use plenty of plastic for packaging. This increases plastic pollution, which results in the deaths of thousands of marine animals. 

Whales, dolphins, and turtles are among the ones that consume plastics and die within a short period. There are certain steps that we can take to reduce the risk to marine life. They include stopping plastic packaging and using reusable bags for shopping.

4. Fashion

The fashion industry also contributes greatly to carbon emissions and wastes. A large number of cloth wastes are dumped in various ecosystems around the world. Currently, the fashion industry is responsible for about 10% of global carbon emissions. The problem is of low-quality materials used in the manufacture of clothes. This happens in countries that rely mostly on coal and gas for production.

5. Agriculture

The world relies mainly on agriculture for food. Owing to the ever-increasing global population, there is a rise in the demand for meat and dairy products. Methane and nitrous oxide emissions come from cows. Some of the sources of these emissions are feed production and the transportation of dairy products and meat. 

Clearing the land for agriculture involves cutting and burning trees. This releases carbon dioxide into the atmosphere. With a lesser number of trees and plants, the quantity of this gas getting absorbed is also less.

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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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Although new biological and electronic technologies are important, this is not a technological revolution. This is more of a philosophical revolution, which takes the current realities into consideration. Past ways of thinking and existing are now being considered as incapable of solving the problems of today and the future.

The need for sustainable capitalism

The industrial revolution was instrumental in bringing many benefits to humanity, which were of material nature. Many of us wouldn’t like to return to the pre-industrial society. However, we can’t ignore the fact that industrial development inherently depends on natural and human resources. This is the very thing that has led to the rapid depletion of the former. 

So, there’s an urgent need for sustainable capitalism. It is not so hard to see why. We’ve seen the seemingly unending military conflicts that the Middle East has been suffering with. Almost everyone in the world knows about the decline in fossil energy production. 

We’ve also suffered from the effects of climate change due to global warming. There’s one thing that we must be absolutely clear about. Capitalism can be extremely efficient if it doesn’t consume natural resources in an uncontrolled way.

Principles behind sustainability

Sustainability is more about how we utilize energy. Everything that humanity uses requires energy to produce and use. These things themselves are a form of energy in a way. Human activities such as thinking, working, and managing also need energy. The first law of thermodynamics states that energy can be used and reused. It can never be created or destroyed. 

According to the second law of thermodynamics, energy loses some of its usefulness when it is used or reused. Before its use, energy is more concentrated and organized. Upon using it, energy is transformed into less concentrated and more dispersed forms. Energy must be collected, re-concentrated, restored, and reorganized before its reuse. 

All of this needs energy and it is no longer available to do anything else. The only source of energy available in abundance every day is solar energy. However, most of the capitalist economies offer no incentives to collect and store solar energy. Even the solar energy that’s collected is put for consumption in the marketplace.

How sustainability can be achieved

Sustainable capitalism involves mimicking the natural processes of biological systems. Plants can capture and store solar energy to offset the lost usefulness of energy. They’re useful to many other species, are productive, and devote their energy to renewal and regeneration. So, to achieve sustainability, we must divert a significant portion of our energy towards the renewal and regeneration of energy. 

Value, efficiency, and sovereignty are the guiding principles of economic sustainability. Communities that practice sustainability must use their intellect, people, land, energy, and money efficiently. People must not only be free to make their own decisions but also must feel responsible for their choices.

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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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Several states challenged these operations, but the court cases were decided in their favour. In the year 1988, the Indian Gaming Regulatory Act was passed. The tribes could now operate full-scale casino gambling on reservations. This was only possible in the states that allowed gambling activities within their borders.

The rise of casinos owned by native Indian tribes

Observers are stunned by the speed at which the casinos owned by native Indians have developed. The demand for casino-style gaming has been on the rise. In some of the states, non-profit organizations are permitted to have such activities as fundraisers. As a result, the tribes expanded their gaming halls into casinos. This has brought in massive profits for these establishments. 

Payments from the tribes were estimated to be more than $350 million some time ago. Nearly half of the native Indian tribes residing on or near the reservations are engaged in casino-related activities. Many Las Vegas-style casinos have opened up on reservations across the United States. 

This has completely changed the economic atmosphere in and around the reservation areas. Some positive changes have been observed as a result. The most significant among them is a significant increase in adult employment.

The negative effects 

There have been some negative sides to such casinos as well. There has been an increase in violent crimes, auto thefts, and bankruptcy. This was mainly observed in places that were located within 50 miles of a new casino. Questions have also been raised about the distribution of benefits in these casinos. Most of the people employed in them are not native Americans. 

This raises some concerns on the actual percentage of employment among the native American tribes. The problem of gambling among the tribes is also a cause of concern. Indulging in the act of gambling often results in the accumulation of debt. This may lead to bankruptcy if not controlled on time.

Online casinos 

Owing to the recent technological advancements, the casino players among the tribes have an alternative. It has come in the form of online casinos. These casinos allow gambling enthusiasts to play their favourite casino games virtually. There’s absolutely no need to visit the gambling establishments. In this way, they can save a significant amount of money that would otherwise be spent on land-based casinos. 

The ones who are new to online gambling or dealing with gambling problems need not worry anymore. There are certain casino review websites that have great resources on responsible gambling. This would be of great help for those who get into debt while gambling. Players would be guided on how to play the online casinos responsibly. 

They can also choose an online casino that’s best for them with the help of casino reviews. One such website is Casinos Jungle. It has some excellent resources on responsible gambling as well as detailed casino reviews. Besides, you’ll also get to play some games for free! For more details about this website, visit www.casinosjungle.com.

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The desire for constant growth in capitalist societies has led to the interruption of natural cycles. It has taken millions of years for such cycles to develop. Today, there’s a significant rift between society and nature. We’re already seeing the effects of this rift. Among them are loss of biodiversity, acidification of the oceans, changes in soil quality, and chemical pollution.

Capitalism has been surely beneficial to some extent, but it has also brought some disastrous effects. Unemployment, misery, and social and material deprivation are some of them. Along with these social issues, it has also caused significant damage to the environment. 

This was apparent from the recent fires in the Amazon forest. They were the product of deforestation. We’re witnessing this more frequent phenomenon of forest fires. They were also seen in sub-Saharan Africa and Siberia. The thirst for profit and the resulting climate change are intensifying such events.

Capitalism as the culprit

Scientists agree that the increase in greenhouse gases over the years has resulted in climate change. They’ve also concluded that this is mostly due to human activities. What many of us don’t know is that human activity is not the only problem. The real culprit here is capitalism. 

Since the late 19th century, the average temperature on the surface of the earth has increased by nearly 1 degree Celsius. With the industrial revolution began a rise in the average global temperature. Projections given by the Intergovernmental Panel on Climate Change (IPCC) point out certain dangers. 

In the near future, we’ll see an increase in the average global temperature by 2 to 5 degrees Celsius. We’ll witness a rise in ocean levels by 18 to 59cm. The IPCC also warns that carbon dioxide emissions will continue their contribution to global warming.

Tricks played by capitalists

Efforts have been made globally to create awareness among the capitalists. They’re being constantly told about the catastrophic effects of global warming. Now, the capitalists have come up with two strategies to counter this. On one hand, they’ve initiated a campaign to deny scientific evidence. On the other, they indulge in the promotion of ‘sustainable’ capitalism. 

It presents certain changes to the systems of production, designed to pacify the environmentalists. While doing this, they also strengthen their model of exploitation. Some of the heads of capitalist countries are always in denial mode. The actual driving force behind the environmental crisis is multinational corporations.

Some corporations also talk about fixing the environment by limiting their production of harmful substances. They also claim that they’re developing new technologies to prevent the destruction of natural resources. One of their arguments is that this would be the new way of growing economically. 

Implementation of taxes on carbon dioxide emissions is another strategy being used. This might not have a significant effect on emissions. Instead, the purchasing power of the working class would be weakened.

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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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When demand is falling, prices generally fall as well. Firms in the industry will decrease their production. They’ll also try to put their time and resources in other industries where there’s a higher demand. In a capitalist economy, firms are buyers and sellers. They purchase supplies and materials from other firms. In doing so, their behavior is similar to individuals who decide what to buy and how much. 

If a new machine has the potential to reduce production costs, the firm will have it installed. This is done so that it can compete with other firms. Similarly, if a material used as a substitute for another can save costs, the firm will use it. Some of the prominent features of capitalism are:

1. Owning private property

This is one of the most important features of capitalism. There’s an existence of private property and inheritance. Everyone can acquire private property and retain ownership. After his or her death, the property passes on to the heirs.

2. Price mechanism

In capitalism, there’s a free working price mechanism that guides consumers. Price mechanism refers to the free working of the forces of demand and supply. There’s no intervention in this regard. Producers can decide what, when, where, and how much to produce. This mechanism results in an adjustment of supply to demand. In the words of Adam Smith, the price mechanism is an invisible hand that operates the capitalist.

3. Co-existence of competition and co-operation

A capitalist economy is run by free competition as entrepreneurs compete to get the highest profit. The buyers compete for buying goods and services. Workers also compete with the machines as well as among themselves for a particular work. Machines are made to ensure that the line of production runs according to the schedule. In this manner, competition and co-operation co-exist with each other.

4. Profit motive

In capitalism, enterprises exist with the sole purpose of earning profit. This is also the primary motive behind any economic activity. The entrepreneurs come up with industries or occupations that would earn a maximum profit for them. Industries that are expected to incur losses are abandoned. An entrepreneur undertakes a high risk for earning the highest amount of profit.

5. More power to the consumer

Under capitalism, the consumer is the king. The entire framework of production is designed to fulfil the needs of consumers. As entrepreneurs need consumers to sell their products or services, their tastes govern the entire production line. If the end product is liked by consumers, the producer earns high profits.

6. Freedom of entrepreneurship, occupation, and control

n a capitalist economy, any individual is free to start an enterprise of his or her choice. People have the freedom to pursue occupations that are in accordance with their abilities and taste. There’s more freedom of entering into a contract. A firm can enter into a contract with another firm. A supplier can contract with a firm and an employer can enter into a contract with trade unions.

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