TEN MYTHS ABOUT CAPITALISM

Published on Global Research.ca, by Lubov Lulko, April 1, 2012.

Capitalism in the neoliberal version has exhausted itself. Financial sharks do not want to lose profits, and shift the main burden of debt to the retirees and the poor. A ghost of the “European Spring” is haunting the Old World and the opponents of capitalism explain people how their lives are being destroyed. This is the topic of the article of a Portuguese economist Guilherme Alves Coelho.   

There is a well-known expression that every nation has the government it deserves. This is not entirely true. People can be fooled by aggressive propaganda that shapes thought patterns, and then are easily manipulated. Lies and manipulations are a contemporary weapon of mass destruction and oppression of peoples. It is as effective as the traditional means of warfare. In many cases, they complement each other. Both methods are used to achieve victory in the election and destroy unruly countries.

There are many ways to handle public opinion, in which the ideology of capitalism has been grounded and brought to the level of myths. It is combination of false truths that are being repeated a million times, over the generations, and therefore become indisputable for many. They were designed to represent capitalism as credible and enlist the support and confidence of the masses. These myths are distributed and promoted via media tools, educational institutions, family traditions, church memberships, etc.

Here are the most common of these myths:

Myth 1. Under capitalism, anyone who works hard can become rich:

  • The capitalist system will automatically provide wealth to hard-working individuals. Workers unconsciously formed an illusory hope, but if it does not come to fruition, they will be blaming themselves only. In fact, under capitalism, the probability of success, regardless how much you may have worked, is the same as in a lottery. Wealth, with rare exceptions, is not created by hard work, but is a result of fraud and lack of remorse for those who have greater influence and power. It is a myth that success is the result of hard work and, combined with luck and a good dose of faith, depends on the ability to engage in entrepreneurial activity and level of competitiveness. This myth creates the followers of the system who support it. Religion, especially Protestant, works to support this myth as well.

Myth 2. Capitalism creates wealth and prosperity for all: … //

… Myth 8. The elected politician represents the people and can therefore decide for them:

  • The politician was granted authority by the people, and can rule at will. The purpose of this myth is to feed the people with empty promises and hide the real measures that will be implemented in practice. In fact, the elected leader does not fulfill that promise, or, worse, starts to implement undeclared measures, often conflicting and even contradicting the original Constitution. Often such politicians elected by an active minority in the middle of the mandate reach their minimum popularity. In these cases, the loss of representation does not lead to a change of the politician through constitutional means, but by contrast, leads to the degeneration of capitalist democracy in the real or disguised dictatorship. The systematic practice of falsification of democracy under capitalism is one of the reasons for the increasing number of people who do not go to the elections.

Myth 9. There is no alternative to capitalism:

  • Capitalism is not perfect, but it is the only possible economic and political system, and therefore the most appropriate one. The goal is to eliminate the study and promotion of other systems and eliminate competition using all possible means, including force. In reality, there are other political and economic systems, and the most known is scientific socialism. Even within the framework of capitalism, there are versions of the South American “democratic socialism” or European “socialist capitalism”. This myth is intended to intimidate people, to prevent the discussion of alternatives to capitalism and ensure unanimity.

Myth 10. Savings generate wealth:

  • The economic crisis is caused by the excess of employee benefits. If they are removed, the government will save and the country will become rich. The goal is to shift the liability for capitalist debt payment onto the public sector, including the retirees. Another goal is to make people accept poverty, arguing that it is temporary. It is also intended to facilitate the privatization of the public sector. People are being convinced that savings are the “salvation” without mentioning that it achieved through the privatization of the most profitable sectors whose future earnings will be lost. This policy leads to a decrease in state revenue and reduction of benefits, pensions and benefits.

(full text).

Links:

DO WE NEED A PUBLIC DEBT? Restoring Economic Growth and Reducing Social Inequalities through Public Loans, by Prof. Damien Millet and Dr. Eric Toussaint, April 1, 2012;

Oh Canada! Imposing Austerity on the World’s Most Resource-rich Country, by Ellen Brown, April 1, 2012;

The Shadow Bailout: How Big Banks Bilk US Towns and Taxpayers, March 26, 2012;

Wall Street Confidence Trick: The Interest Rate Swaps that Are Bankrupting Local Governments, by Ellen Brown, March 22, 2012;

Ethical Markets;

Secret of Oz.

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