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OpEdNews Op Eds    H2'ed 9/18/13

Is Unfettered Capitalism a fair and equitable economic system for a democracy?

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Message George Gaasvig

The opening sentence of the United States Constitution states: "We the people of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America." Unfortunately the wording "to ourselves and our Posterity" was derived of, by, and for the wealthy, elite aristocracy and not for working class Americans. The result is a democracy and economic system of, by, and for the wealthy, elite capitalists and large corporations in America. This is evident by the obscene disparity in income and wealth accumulation between the "haves" and have-nots" that exists today. When 89 percent of the wealth of the nation is concentrated in the richest 20 percent of citizens and only 11 percent of the wealth is held by the 80 percent of mostly working class and small business owners, the unfettered, unregulated capitalist economic system is not promoting the general welfare of working class Americans. What America and any democratic nation need are a true democracy and a fair and equitable economic system. This can be accomplished first and foremost by every citizen getting registered to vote and then voting his or her interests in every election, and secondly by elimination of the unfettered, unregulated capitalist economic system and replacing it with the adoption of a fair and equitable economic system.


A democracy is portrayed as government by the majority, fairness, and equal economic opportunity. When any nation evolves to the point where the government and a majority of the wealth of the nation are concentrated in the hands of less than 1 percent of the population, no longer is that nation a democracy. In fact, it is questionable whether that nation ever was a democracy, rather than a nation of, by, and for the wealthy that was only portrayed as a democracy. In any event, when 1 percent of the wealthy and corporate interests can use their wealth to buy the election or appointment of a majority of the government, from the Supreme Court justices to congressmen to the presidency to state governments, there is no longer any assimilation of a true democracy. This power quest and greed sickness to have everything unto themselves and let everyone else fend for themselves is undemocratic, unpatriotic, and un-American. It leaves a majority of Americans with needs that cannot be met, many without jobs, many in poverty, and most wondering what happened. It also destroys the economy and, if left unchecked, will destroy the government.


The element that allows for this hoarding of wealth and power is an unfettered, unregulated capitalist economic system. When this power- and greed-motivated element pursues the reduction of taxation on themselves, the deregulation of any and all controls on unfettered capitalism, the privatization of established government institutions and services, all in the quest for more profits, wealth, and power for themselves, the greedy get richer and the working class gets fleeced. It becomes obvious that something is wrong in such a nation, and what is wrong is the unfettered, unregulated capitalist economic system. The change that is needed when a nation reaches the point of everything for a few at the expense of the rest is a fair and equitable economic system that provides hope and opportunity for everyone. The economic system of fairness and equality for a true democracy is Social Capitalism with regulations. "Social" is to ensure a decent standard of living for the working class, and "Capitalism," along with a balanced social responsibility, is for capitalists. Social Capitalism mutually includes the government that must enact the legislation and regulation necessary to regulate a balanced economic system and especially to control greed. Social Capitalism requires that there are three equal parties in a democratic economy: the working class, government, and capitalists. The needs of all three parties must be addressed in order for a democratic economy to be fair and equitable. Capitalists must be provided a reasonable profit for their risks, the working class must be provided at least a living wage and affordable benefits, and the government must provide regulation over the inherent greed of capitalists and corporations. Social Capitalism is not a new concept. Examples are the concepts brought out by Senator Huey Long in 1934 in his plan to "Share Our Wealth", and Franklin Delano Roosevelt in 1944 when he proposed a "Second Bill of Rights" or "Economic Bill of Rights."


The perpetuation of greed and profits under unfettered capitalism continues with free trade agreements that infringe on government's ability to provide an economy for all of a nations citizens. Free trade agreements are just another ploy by the greedy to amass obscene wealth at the expense of the working class. Free trade agreements must be eliminated and replaced with regulated fair trade agreements under fair economic systems such as Social Capitalism.


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George Gaasvig graduated with honors from Bemidji State University in Minnesota, with degrees in business administration and industrial technology. He has had a long career working in government, retail, consulting, and construction, and he is also (more...)
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Is Unfettered Capitalism a fair and equitable economic system for a democracy?

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