It has been quite some time since the revolution began in all domains of technology, especially communication. Humans have come a long way from acknowledging their 'unknown origins' to a creator, to embracing technology and creating an advanced life form like artificial intelligence, which could be meant to sustain or destroy humanity. It is quite captivating for me to observe that all these evolutionary advancements are done by only a small portion of the population, meaning that you only have companies like Google, Facebook and others of those sorts, who are working to make a humongous impact on the way the 'rest of us' live. This evolution of technology has created a division of Capitalism and Consumerism among the population.
So what does Capitalism and consumerism (CapCon) mean? It simply means "few make it, the rest buys it". Broadly, it is about entrusting the economic strength of the population onto a few capable organizations(or government), so that they can take care of our well-being, through different, wide range of products and services. Politically, it is the most accepted system in the whole world which is believed to solve world problems. We can easily observe that it is happening to a great extent. However, the Social and Economic perspectives on CapCon shows a different image of its impact on the society.
One important observation that can be drawn from the existence of Capitalism is that it DOES NOT promote economic and social equality, which in my opinion is the main problem of all the problems in the society. In plain words, the system works in a way to make the rich become richer and the poor remain poor. Instances of this inequality can be seen everywhere, for eg. - one who works as a software developer for a bigger organization tends to get more salary and incentives compared to the one working in the same domain for a smaller company, mainly because of the magnitude of CAPITAL INVESTMENT involved in both companies.
Capitalism has been given so much prominence by governments because of its ability to derive great amounts of income for the investors, by draining time, skills and efforts from the workforce. It does not seem fair to see the person who gets the work done by workers gets to keep a higher percentage of what income is derived. If that is how Capitalism is meant to work, then it becomes the root cause for all the poverty, corruption and all the injustice that exists in the world. Many governments also seem to follow the same system despite knowing its collateral effects on the society.
Now the question is, can humanity come with a better economic system which can show a way to eliminate poverty and corruption to create a harmonic balance in the society? It all depends on our leaders to understand how the current system works, approach the root cause of problems like poverty, corruption and exploitation in order to make the right decisions on behalf of their people.
I would suggest the readers read, discuss and grow more awareness about the existing system in order to conceive 'A Paradigm Shift' which can have a positive impact on the entire humanity and NOT JUST A PART OF IT.
Have a nice day :)