Capitalism is the economic system that advocates for privately owned means of production and distribution, where business are operated for profits. In nations with capitalist economies, business operators use their resources and decide on the prices they charge (Marable, 2015). However, no country is purely capitalist. The foundations of capitalism are, right to: (1) private property (2) freedom of choice (3) freedom of competition (4) own a business and retain its profits.
Why reject capitalism for communist or socialist state
In the socialist country, the government gathers all the taxes and distributes them equally to the whole population, which favors the poor person (Nickels et al., 2014). However, in a capitalist society, the poor man would lack basic requirements since he would not have the resources to get a degree or money to start a business.
1st Plank: Land and property ownership abolition and incorporation of rents for public land.
2nd Plank: Graduated income tax – 1909 Corporate Tax Act. The 16th Amendment that was ratified in 1913. The 1913 revenue act, section 2, Income Tax. The above laws are continually wrongly applied in the United States.
3rd Plank: Abolition of inheritance rights. It was achieved through enactment of federal and state “estate tax” laws that taxed the “privilege” of transfer of property following demise or gift prior to death (Schumpeter, 2013).
4th Min: Confiscation of property for rebels and EMIGRANTS – This was achieved through prosecution of such persons in a courtroom drama for violating non-existing regulatory laws.
5th Plank: Credit Centralization in heads of state through the national bank with exclusive monopoly and State capital.
6th Plank: Communications and transportation centralization.
7TH Plank: Government owned production instruments and factors extension which enhance cultivation of wasteland and soil improvement.
8th Plank: Equal labor liability – Creation of industrial armies mainly for agriculture. Attracted the rise of the First labor unions, referred to as federations in 1820.
9th Plank: Agriculture and manufacturing industries combination, gradually abolish the difference of county and town through increased distribution of population.
10th Plank: Free education for school children. Eradicate children’s factory labor, and combining industrial production an education.
Marable, M. (2015). How capitalism underdeveloped black America: Problems in race, political economy, and society. Haymarket Books.
Nickels, W. G., McHugh, J. M., & McHugh, S. M. (2014). Business: Connecting principles to practice (2nd ed.). New York, NY: McGraw-Hill/Irwin.
Schumpeter, J. A. (2013). Capitalism, socialism and democracy. Routledge.