The wealthy will tell us that communism is wrong because it’s not fair for wealthy people to work hard and then have to share their money with lazy poor people.
That’s nonsense. The truth is that communism simply doesn’t work. Every time it’s been atttempted, it’s failed.
It fails because of human nature. Communism is meant to ensure everyone receives what they need, but communist governments are invariably led by leaders who want more than they need.
Because private property is banned, businesses are taken away from entrepreneurs and run by mediocre bureaucrats. Badly run businesses lead to a smaller economy and with the leaders and the bureaucrats taking more than they need, most of the people are left struggling with less than they need.
But capitalism isn’t any better. Oddly, it suffers from the exact same two problems described above.
Like communism, capitalism drives a minority to take more than they need. Less expected though, most companies are also taken from entrepreneurs. Mediocre managers take over to maximize value for stockholders. 60% of founders are replaced by the time startups go public and half of the remainder are then replaced within three. The new business leaders are focused on short-term results for stockholders, rather than the long-term performance of the business.
This understanding of capitalism helps explain how the wealthiest 10% of Americans have now hoarded 68.3% of the country’s wealth. Leaving the poorest 50% of Americans with a measly 2.5% between them. The workers who have built American wealth and prosperity have been all but excluded from sharing in it.
The wealthy claim communism is evil, but does capitalism look very different?
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