One man’s opinion: time to rename capitalism?

It’s cap and gown season again, with hints of “Pomp & Circumstance,» floating in the air across the country. I will be attending several high school and college graduations again later this month. My youngest still has her high school diploma ahead of her, and my firstborn, the mother of the Mighty Mites, will be sending them to pre-kindergarten soon. One of the ways I clung to at least youthful spirit works with students, at my alma mater and elsewhere. These visits sometimes also provide a good perspective on our potential future.

In many of these college visits, especially when I have the opportunity to speak, I ask the student audience of Millennials a question. Would you support a system – or the idea that, regardless of your education, your individual GPA, or other contributions you make to your community during your college years, you should all get a job with the same salary and benefits? All things being equal?

Almost every hand in the room is raised in the air. Should you be rewarded for higher grades, for academic achievement, for participating in philanthropic and community service work, or for serving as student leaders? Only the hands of the best performers go up. What I described is socialism, and the system that has brought us to where we are today is capitalism, which rewards performance, effort and achievement.

I am American and patriotic, but I am not arrogant enough to suggest that there are no attractive aspects to socialism or communism. However, in every country living under the systems I have visited, there is both widespread corruption and stark poverty. clearly in evidence.

What about work ethic? Sweat the equity? Pay your dues? Earn what your talents and skills are worth? These concepts might as well be written in hieroglyphics, since they are neither taught nor shared in the classrooms I encounter today. Families and parents also have an interest here. Most of the students I meet are HOPE Scholars here in Georgia. To maintain free tuition, a cumulative grade point average of B or higher is required. A majority of students and families choose not to risk lower academic performance by requiring part-time employment. Real-world work experience, even part-time, is invaluable for understanding how our real world works.

Third world countries and many parts of the world consider all Americans rich. I don’t begrudge someone else’s success. Having received several small grants during my studies, the one I am most proud of required an essay in favor of capitalism or, as the donor who established this fund stated, “…demonstrating your thoughts and antipathy against capitalism.” redistribution of wealth.

I used antipathy in my opening paragraph, I’m convinced it was probably the tie breaker that got me this award. Frequently engaging in conversations with younger voters and students, capitalism, profiteering, and wealth creation almost universally elicit scowls.

Capitalism is a system by which tangible assets – property, finance, other tangible assets – are put at risk to make possible the construction, financing or support of other potentially lucrative businesses. The socialist lives modestly in the same house/neighborhood for a large part of his life, in the same way as his neighbors. The capitalist takes out a home equity loan and invests that capital in another property, a business venture, or even a friend’s home.

I think maybe what capitalism needs is a rebranding. Mainstream media almost universally stopped using the term “liberals” to describe Democratic Party policies during the era of President Bill Clinton. What you hear now is “progressive,” arguably a much more palatable label, especially to undecided voters. Progressive apparently indicates a concern for our future and the achievement of “progress”, as opposed to simply an ever-increasing role of government at all levels, local, state and federal.

What about meritocracy? Professional sport, and even the NCAA and the Olympic Games, already operate according to a meritocracy, with athlete remuneration, contracts, sponsorships, etc. both in pursuit and stimulation of performance. College scholarship mostly follows and follows a similar path.

Or maybe we should just ask our younger counterparts for a new name for capitalism, like “rizz” or be “on the run”. Perhaps if they rename it, they will come to appreciate the many benefits of this system, which in many ways remains envied by the Western world. Me, I think I’ll just release “Material Girl”, “Diamonds are a Girl’s Best Friend” or “How to Succeed in Business Without Really Trying” on Amazon Music or Spotify.