Is this what capitalism is supposed to be like?
Greetings:
I suppose that the title to this entry could apply to many weaknesses associated with capitalism. Readers know that I celebrate savings, investment, innovation, rate of return, and the benefits that these bring on a broad scale to society.
What I do not like is how so many forget that capitalism was a social invention to reward those who brought benefits to the society. The benefit of major innovations would ripple out (not trickle down) to all. Major innovations from élite scientists, engineers, or creatives would free up resources to support a growing global population. Then, other entrepreneurs would compete to gain a share of those freed resources, even if the products did not add to the overall welfare of society, other than satisfying hedonistic urges (luxury cars, large homes, expensive bottles of wine, fashion clothing, etc.)
If anyone has Sirius radio in their car, they might notice the general tendency of advertisements to push “snake oil” products and investments. I suppose we could say “buyer beware,” however I cannot stand the junk pushed on Sirius or any number of media channels and wonder what happens to the people who get fooled.
While we are getting buried by economic powers elsewhere, we sell gold coins, HGH and other fake drugs, and get rich in real estate schemes.
The wonders of capitalism needs competition and a reward structure. I do not dispute that. However, the incredible number of scams that I hear advertised frustrate me terribly.
Perhaps readers my share their favorite scam ads that they hear on TV, Radio, or the see on the Internet.
Best regards,
Michael
