By: Mubashir Hussain
The world is almost entirely ruled by capitalists in 21st century. We are living in an era where capitalism is entirely accepted and whole heartedly believed. Capitalism is the most ancient economic system and it appeared naturally. Its historical roots suggest that it naturally emerged and was established as an international economic system with some modifications, which is why it is traced back to the 18th century when it was introduced by Scottish political economist Adam Smith.
Maxim of Capitalism
Capitalism works on the doctrine of private ownership and individual rights. Liberty of individual is the most basic feature of capitalism. Every individual owns their own life but is not permitted to violate the rights of other human beings. Capitalists prefer private property, struggle for acquisition and freedom. These are the very features that make it one time of the most successful economic systems in the world. Capitalism is successful because its widely accepted and adopted in most of the countries. People are always self-centered by nature, and there are fewer who are disinterested. Capitalism offers an environment where you can earn as much as possible, and the success of your business depends on your efforts until you complete the struggle under appropriate circumstances at the right time. As US president Jeo Biden says “capitalism without struggle is exploitation.”
History of capitalism
When the coinage system was successfully adopted, capitalism emerged, as earlier Sumerian people had used barter to trade with neighboring empires. After the cognitive revolution, coinage system was another appreciative acquisition of humankind. Coinage system brought a huge increase in business world and started a race between people to invest as much and ern unlimited. Those with a little capital invested and doubled it. This whole scenario made a suitable environment for the appearance of capitalism.
Psychologically it is catchier to human mind nevertheless, their exist and huge number of misconceptions and hater toward capitalism specially in Pakistan. About every revolutionist wreak the idea to eradicate capitalism and bring a new system either Islamism or communist but they failed to do so in about every corner of the world. Hitherto, most of the nationalist groups exist today whose only aim is to eradicate capitalism. They contend that the rich get richer, and the poor become poorer, it loots the proletariat.
Capitalism and the role of Government
How can we convince a proletariat that capitalism can bring prosperity to every class of the society? Yes, we have clear evidence that capitalism can bring prosperity and the most naïve answer is the marriage of capitalism and empire. The state machinery runs through taxes, and she is responsible to give every individual their fundamental rights i.e food, education, safety, health, and entertainment. The state collects taxes from tycoons and proletariats as per their income, the rich give more and poor pay almost negligible amount as compared to rich. The state is responsible to distribute tax revenue equally among both the poor and rich.
For this purpose, state establish an administration to expend the amount of money upon the citizens. She establishes schools, hospitals, parks, and police system for the safety of citizens. These administrations are equally available for both the classes which contributes to peace and prosperity of the society. The state can provide an equal environment, which solves the problem of class difference and the exploitation of the poor class. If an individual is deprived of their fundamental rights, it is due to the incompetence of the system or state, not capitalism.
A misconception that capitalism restrict the property in fewer rich hands. But we ignore the struggle of that one who worked from dawn to dusk for the melioration of his business. It is prohibited by law to snatch someone’s capital, as it is considered robbery. Capitalism contributes to bring a prosperous environment if the state is just, loyal, and purely liberal democracy.
Can we replace Capitalism?
The last and a grave question is can we replace capitalism? Let’s compare with idem Islamism and communism. The communist ideology is almost parallel to Islamic system as Karl Marx in his work Das Capital writes that one must receive the wage according to his need and the same is the case in Islamism where Muhammad SAW taught his companions to expend according to your need. The pros and con of these two religions are parallel and ideal. Prophetic world was much different from this modern age. In this materialistic world these principles couldn’t be practiced.
The unfulfillment of human instincts is one reason, and the second and most significant reason is that humans have lived in this system for centuries and have become completely adapted to it. Establishing a new system and eradicating the current one would be almost impossible. In Islam, individuals are accountable to Allah in the hereafter, which Muslims believe but do not practice when it comes to avoiding bribery. Otherwise, Allah will hold them accountable. In capitalism you are accountable to the immediate court, the state will ask about everything to punish you on the spot. The former practices are real but practiced less, while the latter ones are practiced more in the world.
Capitalism can only be replaced by revolution. But we see in the near past that about every revolt brought wars and the sacrifice of human lives. People are not allowed to wreak revolution by pacifism. The conflict between the proletariat and the tycoon must not be resolved by a glorious revolution. Humanitarian organization and pacifist will force people to cease the revolution and stop stirring up wars. The are very serious challenges to 21st century revolutionists to eradicate capitalism.
