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I think Capitalism favors those born to rich parents,
I would agree with you here that Capitalism does help keep the rich well off for generations.. though a sudden change in stocks or buyouts can change that quickly as well. I do think, however, that Capitalism is a system that does allow an individual to help choose their own status. With ambition and hard work one can work to improve their situation. This is not possible in a socialist one. I don't believe that someone wanting to work hard and improve themselves and their own personal life is a bad thing. A person can become rich in legitimate ways without doing anything unethical.
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For instance, in this world when we run out of oil our entire industrial age will crumble and we will see billions of people starve to death. A capitalist society can do absolutely nothing about that, a Socialist one can.
Here though I have to completely disagree. While oil maybe a major part of our industrial economy at this point, it is only because it is cheap energy. Oil won't just simply run out suddenly one day like turning off a tap. As supplies start to dwindle cost will increase. A smart enterprising businessman will start to take advantage of the next energy source when its cost starts to become cheaper than oil. Capitalists will move on to the next energy source pretty rapidly once it is cheaper to do so. Look at hydrogen cars for instance. The technology is there already, so why don't all new cars have it? The answer is it will cost too much right now to upgrade all the gas stations in America to be able to carry the fuel.
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I would favor modernism that did not make people lose touch with the impact of their actions.
Truth is all people are guilty of this because of (often incorrect) belief systems. Take DDT for instance. It is an
Extremely effective mosquito repellent. When inhaled in large doses though it is known to cause harmful effects in humans. Environmentalist groups are working diligently to have its use banned in Africa. Even at its worst DDT causes harmful effects in like 1 out of 100,000 people. Malaria is claiming lives in Africa at nearly 1 in 100 people. Thousands if not millions of people could be saved through the use of DDT, but because some believe they are helping some cause by banning its use, many will die. No other substance that has been proven safer is anywhere near as effective. Now greed isn't really the issue here. Both sides believe their cause is right, but they impact thousands of lives. Impact of actions isn't always clearly visible from a distance.
Sorry for the long post
