Written by: Ana Maria Lee
Our world is changing all the time, and although the affluent can stay up, the poor fall behind. We are always connected to the rest of the world owing to the invention of the internet. There are both positive and negative implications for the world. We have become more reliant as the global market has developed, but we also have access to a wealth of resources. Capitalism is founded on the concept of competition, of who can work the hardest, whereas communism is based on common ownership of property and labor. Some people feel capitalism is a natural, orderly, and healthy way of life. People who work hard are usually identified by the amount of money in their pockets, which is not always the case. Most of the time, wealth is passed down from generation to generation, yet some individuals have earned their share of riches. Although socialists think that everyone should have equal chances, they also recognize the disparity between affluent and poor people.
With the rise of the global market and the internet, everyone is now always linked. There has arisen a global market. Because we have access to all of these things that we're unable to generate ourselves, the global market has extended its boundaries, blurred borders, and created reliance. When we rely on other countries for production, we expose ourselves to risk. The increasing gap allows other countries to acquire massive sums of income through the import and export of labored commodities is far more flexible to manufacture and consume things. This provides jobs for the impoverished because wealthy countries may invest in developing countries, stimulating and growing the economy. Nevertheless, it is for this reason that the gap between the rich and the poor is widening.
Developing economies have been mistreated; people are laboring for negligible salaries while commodities produced are exported to rich countries and sold for much higher prices, but the workers see so little of it. Because trade restrictions have lessened, big corporations may relocate manufacturing from Western nations such as the United States and Canada to countries with no minimum wage regulations or rigorous labor norms. Because of the low cost of manufacturing, they can create things at reduced prices and make a massive profit. As a result, the pay disparity between different types of employees is widening" (Lambrick, 2017). When emerging countries continue to obtain money, they can move farther and take advantage of additional possibilities with other nations, leaving developing countries behind. This disparity is rising in every manner.
Around the sixteenth century, capitalism began to develop in the contemporary world. Though it was not by choice, these impose in today's society. The marketplace developed from a basic hierarchical structure to the intricate economic network that exists today. Capitalism has both advantages and disadvantages. One of the most crucial components of this is the massive economic liberty for everyone. Everyone can act in their self-interest, choose where they want to work, produce what, or control how much to make. In general, the notion is that whoever works the
hardest earns the most, although this is not always true.
Though, people thrive as a result of their efforts. Many people come from a position of privilege rewarding them with property and money. It is all about making as much money as possible while spending as little as possible. In 1998, Heilbroner, Thurow said, "Its new freedoms were precious achievements for those individuals who formerly had been deprived of the right to enter into legal contracts... Even for some of the poorest classes, the freedom of economic contract was a chance to rise from a station in life from which, in earlier times, there had been almost no exit. But economic freedom also had a harsher side. This was the necessity to stay afloat by one's own efforts". The top 1% has influenced evolution, and they have taken the notion of survival of the fittest to its logical conclusion. Eight men control more than half of the world's wealth, and they are becoming richer while the poor are getting poorer. Capitalism is considered a great system by capitalists. Karl Marx is often considered one of the most famous socialists. He believed that through acknowledging others, he might attain economic independence. Herman in 2018 said, "Socialism ultimately advocates replacing our global capitalist economy with the equitable redistribution of wealth among all members of society according to the principle of collective ownership. The aim is to establish an equality of condition such that all members of society enjoy the same material standard of living". It is done to guarantee that all members of society have equal rights, as an example of equal employment opportunities and the same level of life. If taken to its ultimate
conclusion, that could refer to as communism.
There is no such thing as a middle ground; we can either have capitalism or socialism. Capitalists see everything as ordered, and if you're wealthy, you earned it because you worked for it. However, this is not always the case; in previous centuries, a wealth difference was established between Europeans and indigenous peoples through their usage of slavery and extermination. This money has been passed down through generations, ensuring that the wealthy remain wealthy. Although some people earn their riches, most people come from a position of privilege. From a socialist perspective, wealth disparity may be addressed by aggressively taxing the wealthy and instituting redistribution to ensure that everyone has an equal standard of living. The socialist realizes that the assumption that hard effort equals prosperity is frequently false. Instead of thinking that everyone is equal and deserves an equal existence, the affluent would not give up money for others who have not necessarily earned it.