Capitalism has been the most successful economic system in the world, but it isn’t monolithic. It’s practiced in two very different ways in the U.S. and other cultures. Unregulated, amoral capitalism, sometimes called “brute” capitalism, prioritizes profits
over all other considerations. “Moral” or “social capitalism,” used in many of the world’s
statistically “happiest” countries in Europe, relies on cooperation between economic and political leaders to balance profits and social needs.
Purdue Pharma is a prime example of amoral capitalism in America. It chased billions in profits by intentionally misrepresenting Oxycontin as a nonaddictive drug for pain relief, fueling a devastating opioid crisis. Court judgments eventually caught up to them, but not until 500,000 people died, and millions continue to struggle with addiction.
Today’s social media companies, including Meta (Facebook, Instagram, WhatsApp) and Google (YouTube), are another blatant example. They present themselves as innocuous, neutral service providers, but now face legal charges for designing and promoting products that may be just as addictive as Oxycontin, but without the clear physical effects. Pending appeal, juries in New Mexico and Los Angeles have decided they should pay for disregarding children’s mental health and safety because they knowingly allowed sexual predators to contact minors, and designed platforms which were intentionally addictive.
But it isn’t just children at risk. “Doomscrolling” is addictive adult behavior which harms mental health and erodes social cohesion. In a convoluted system, media platforms make
money by keeping your eyes on the screen, regardless of how they do it. They have found that “awe, anger, and anxiety” are the cornerstones of viral popularity, according to a recent online column by Jacob Sky Levin (https://inboxherohq.com/). Sadness and other mild emotions engender placid, unprofitable responses.
Reinforcing our social divisions has been a capitalist bonanza for Zuckerberg (Meta) and
Bezos (YouTube), making them two of the richest men in the world. They’ve made it exceptionally easy to doomscroll down a rabbit hole, while the faceless, nefarious algorithms seek to repeat our anxious and angry reactions in an endless loop.
Making American capitalism responsive to social needs is more of a class issue than a political one, since so many Democrats and Republicans have gorged themselves on profits
from harmful products or practices. A few current Democrats and independents (e.g., Bernie Sanders, Elizabeth Warren, AOC) have worked to protect Americans from amoral capitalism through consumer protections, stronger corporate regulations, and higher corporate taxes.
The numbers are simple and stark: the top 1% now hold more wealth than the middle
class (the middle 60%) and more than the bottom 90% combined. The Trump administration has fueled this upward shift in wealth like the Artemis moon rocket, gutting watchdog and regulatory agencies and inviting the most rapacious capitalists to gain greater profits and influence by blatantly paying bribes through “donations.” There has never been a time when corporate guardrails and taxation on corporate profits have been more necessary.
And even these “legal” windfalls aren’t enough for today’s robber barons. Under the Trump administration we’ve seen several stock market manipulations timed with Mideast war
announcements that have yielded billions in profits, especially in oil futures. At the same time, U.S. foreign policy has dovetailed perfectly with Trump’s companies seeking profitable investments in the Middle East. These types of actions were, and still are, illegal, but there are no watchdogs left — Trump fired them all — and the Justice Department serves as an attack dog and bootlicker for the president.
The continued concentration of wealth at the very top doesn’t just prevent money from
reaching our pockets, or siphon it off if it gets there. It destroys our democracy, degrades our environment, and threatens our military security as well. With so much upper-class money controlling politicians, how can we trust them to protect the interests of the middle and lower classes? Multiple decisions by the Dept. of the Interior and the EPA have weakened protections for national parks and air and water quality, and set back programs for renewable and clean energy production. International diplomacy is dead, and we’re left with allies who are dictators with a shaky hold on power and weak military forces.
It’s time to embrace radical reforms like those used by Teddy Roosevelt when he helped dismantle the Gilded Age in the early 1900s. If we don’t, we’ll be mired even deeper in poverty — and not just economic poverty, but political, social, even spiritual poverty. The rich will continue to get richer unless the middle and lower classes stop voting against their own best interests.
Allen Woods is a freelance writer, author of the Revolutionary-era historical fiction novel “The Sword and Scabbard,” and Greenfield resident. His column appears regularly on a Saturday. Comments are welcome here or at awoods2846@gmail.com.