by Syed Suhail Yaqoob
Capitalism thrives on power, not fairness, marginalising the weak while rewarding the elite. Rooted in social upheaval, it prioritises growth over equity, reinforcing inequality through an economic system detached from ethical concerns.
Capitalism is often regarded as the highest stage of the social system. Its proponents argue that it possesses an inherent ‘naturalness,’ suggesting that underlying laws and forces govern its workings. In their view, it is only a matter of time before these forces are fully understood, much like the laws of physics or chemistry. This belief has steered economics towards mathematical precision, aligning it more closely with econometrics. Today, research is scarcely acknowledged unless it employs econometric methods, as scholars persist in seeking equations that might resolve everyday economic dilemmas.
Yet, is capitalism truly natural, or is it wild? It would have resolved most of society’s pressing issues if it weren’t natural. Instead, it has failed in all but one—growth. Over the past century, economic expansion has been unparalleled, and capitalism continues to drive prosperity. However, in terms of poverty, wealth distribution, and environmental sustainability, it has proven woefully inadequate. Scholars often downplay these failures, perpetuating the illusion that capitalism will eventually correct them. People are led to believe that this system is rooted in cooperation, equity, and justice. A closer examination, however, reveals a different reality.
Capitalism is not a system of fairness but one governed by the brutal logic of power. In the wild, strength determines ownership; the powerful seize everything, while the weak are cast aside. In a capitalist order, those without financial or social capital are swiftly marginalised. Here, competition equates to wealth and influence; ‘rationality’ demands a detachment from compassion, an indifference to the struggles of the poor and dispossessed.
There is no place for sympathy in capitalism. The principles that govern it mirror the brutal logic of the wild, where the strong thrive while the weak are left to struggle—or perish. It is little wonder that the refrain of the rich growing richer while the poor grow poorer persists. In nature, the stronger or more cunning animal claims the largest share, while the weaker is left with scraps or is mercilessly cast aside. There is no security, only an unrelenting struggle—a ‘competition’ or ‘opportunity’—where the powerful exploit the vulnerable.
Economics, once an art shaped by ethical considerations, has been steadily recast as a science. Capitalism emerged during a period of social upheaval in Europe, a time of ‘reformation’ when religion was being sidelined. Thinkers of the era sought to sever all aspects of life from religious influence, and the economy was no exception. It was inevitable, then, that they would envision a system governed by ‘natural’ laws, believing such principles would lead to universal prosperity. Yet, prosperity arrived only for a select few, and it continues to serve the interests of those who wield social and financial capital.
The economic ‘cake’ has grown, but its largest portion remains in the hands of the privileged elite. There are no immutable laws ensuring fair distribution; the only guarantee of a share lies in possessing either wealth or influence. This is life in the wild, a system where survival depends on power. Open the works of Adam Smith, and one will find the wilderness repeatedly presented as humane, natural, and even just.
(The writer is an Assistant Professor in the Department of Economics, Higher Education, Jammu and Kashmir. Ideas are personal.)
