By Hussein Elsadek
Ever since the time scholars began studying and thriving for economic development, the world has been trying to figure out what must be done to achieve constant, stable “economic growth”. Many economic methods and strategies have been laid out but, unfortunately, there has not been notable global progress. Even though some countries have been considerably and relatively successful, we still fail on the global stage. Why could this be?
Throughout adolescence, I constantly thought of the possible factors that make life on earth a massive struggle for most people around the world. I reach the same conclusion every time. Capitalism. We are born into a system that does nothing but support corruption and inequality in the name of economic freedom and prosperity. How can anyone possibly think of globally eliminating poverty when most countries live under a system that promotes “survival of the fittest” ideologies? Under capitalism, as we have witnessed over the decades, there will always be a weak and neglected class and they will always be the majority. Capitalistic development only favors a certain concentration of people. Any person who thinks for themselves knows who they are. Even though there could be obvious signs of economic improvement, it doesn’t necessarily mean that the overall standard of living is rising. “Economic growth” and “development” don’t mean that less people are struggling to meet their basic needs. If we are finding it difficult to make severely struggling people our priority, then the whole system under which we live is flawed.
Another reason I think we have struggled to “develop” is the deep levels of corruption that plague most countries around the world. Capitalism revolves around financial gains whether it is on a personal or institutional level. This makes huge space for corruption. As long as people in control are willing to be corrupt in favor of money, which is usually the case, then there couldn’t possibly be any type of economic growth. If we are not able to control aspects such as corruption then we must find a system that does allow any space for such facets that stagnate real growth. Global capitalism will only make it harder for actual economic growth, considerable higher standards of living, and almost impossible for lowering poverty. I hope one day the world realizes that capitalism is not the only logical and realistic solution.