Does capitalism work?

“How stupid and shortsighted the ruling class really is! Cupidity is stone blind. It has no vision. The greedy, profit-seeking exploiter cannot see beyond the end of his nose. He can see a chance for an "opening"; he is cunning enough to know what graft is and where it is, and how it can be secured, but vision he has none — not the slightest. He knows nothing of the great throbbing world that spreads out in all directions. He has no capacity for literature; no appreciation of art; no soul for beauty. That is the penalty the parasites pay for the violation of the laws of life.” - Eugene V. Debs

 Socialists argue that it does a disservice to people's needs and their democracy. Supporters of the system claim that capitalism empowers individuals. Capitalism has actually pushed individual enterprise to the fringes of economies. No more than ten percent of populations are self-employed. In Canada and the U.S. ninety percent depend on wage and salary work. Although capitalism gives individual capitalists title to means of livelihood—title that is bought and sold for private profit—wage and salary workers are actually engaged in cooperative, coordinated social labor yet are bound by wage-slavery. Capitalism is neither democratic nor egalitarian. Those with the most shares have the most votes. Less than one in four own any shares. Most  shares are owned by less than five per cent of populations. Major shareholders and top executives, who combined are less than 0.1 percent of populations, control most corporations.The twenty largest transnational corporations have more revenues than most governments. Capitalists dominate political agendas manipulate the media to determine the outcome of elections.

The profit system won’t save us because there is an irreconcilable conflict between capitalist economic growth and the survival of the planet as we know it. Capitalists who fail to obtain a return on their investments lose money. Capitalists as capitalists focus on maximising profits. Growth and capital accumulation is the relentless imperative of the capitalist. In the face of the scientific consensus and worsening natural disasters, capitalism responds by investing billions in fracking, tar sands, deep sea petroleum development, and expanding pipelines. Under capitalism,   Big Business can now deforest entire continents, level mountains, dam major rivers, deplete mineral reserves, and fish sea life to extinction. While, private property title allows corporations to give priority to profits it also permits them to externalize environmental costs, to pass these on to communities and future generations.

The capitalist class will continue destroying the planet. People who own the world outright for profit will have to be stopped by us. The Socialist Party accepts that working for reforms is not unimportant but no form of capitalism can prevent the ruination of the biosphere. Too many environmental activists fail to acknowledge this basic truth. Isolated individual action has little impact. Class power can change the system.

The capitalists have intellectuals of all categories to exalt their function. The wage-worker has few friends and defenders among the intellectuals. Hardly anyone but Marxists nowadays retain hope in the anti-capitalist strivings and sentiments of the working people or believe that they can in time participate in a mighty movement oriented toward socialist objectives. For adhering to these convictions and being guided by them, we are looked upon as ideological freaks and political fossils, relics of a bygone era, dogmatists who cling to outworn views. Our convictions are not an affirmation of religious-like faith. They are derived from a reasoned analysis and an understanding of capitalist development and the key role of the working class in history. All over the world industrialisation and urbanisation is causing the wage-working class, defined as those who sell their own labour power to the owners of capital to grow in size and gain in economic, social, and political importance. The capitalist today have an arrogant faith in the longevity of their system. They firmly believe that the empire of the almighty dollar shall always rule.

Labour  is undergoing marked changes in all industrial countries. Profit-making and the accumulation of capital depend upon the consumption of large quantities of labour power which creates value in the form of commodities. Although this or that segment or individual may be squeezed out of jobs temporarily or permanently, the industrial work force as such is not expendable, no matter how fast or how far automation proceeds under capitalist auspices. Workers are far from obsolescent and cannot be conjured away. Indeed, the inherent limitations upon its introduction and extension under capitalism, the inability of the profiteers fully to utilize the immense potential of the new science and technology for reducing the working day and rationalizing production, provide further reasons for breaking their hold upon industry.