This piece
gives a fantastic insight into the way capitalism rose and became popular
amongst the populace; it explains in a methodical manner the way the system progressed,
developed and finally became flawed.
Immanuel Wallerstein
brushes upon the point that countries have a dwindling supply of raw materials
and thus have to open up their horizons to ensure that their production mechanism
is not hampered. This is the very reason East India Company was established in 1600
to soak up resources from sub-continent and squeeze them into England which ultimately
helped them in the industrial revolution and established them as the regional
hegemons of the era. And just as the
author had stated, the large scale manufacturing created an urban proletariat that
subsequently nurtured a desire to improve their living conditions, pressing for
greater rights and disturbing the stability of the state through the formation
of trade unions and socialist parties. This meant that the Europeans had to let
go of their colonies to redistribute their surpluses to allow for a smooth
operation of the country.
As opposed
to this notion, Marxism believes that capitalism is highly flawed since it
contradicts the very principles that lay the foundations for it. Immanuel beautifully sums this in the
following words; “Short-run maximization of profit requires maximizing the
withdrawal of surpluses from immediate consumption of the majority, in the long
run the continued production of surplus requires a mass demand which can only
be created by redistributing the surplus withdrawn”.
However,
contrary to the beliefs of the author, I advocate for capitalism since it has
practically proven itself as a system that has gained popular support and
sustained the numerous challenges during its development. An example of
powerful capitalist state would be of US that has left no stone unturned to make
certain that it claims the throne of international hegemon. In a nutshell, capitalism
despite its inherent flaws is a more viable system than communism.