Capitalism Vs Socialism: Money Isn’t The Problem
In today's fast-paced and interconnected world, the flaws of capitalism have become more apparent than ever.
As a wealth coach, I’ve spent years navigating the intricate intersections of money, power, and privilege. Despite capitalism's promise of economic freedom and prosperity, it has failed to fulfill its most fundamental mission: ensuring that everyone's basic needs are met.
The past few days, I’ve been getting major signs from the universe to finally speak on this—a system I once hated, then loved, and now feel deeply conflicted about. One of those signs came from Chani Nicholas, a popular astrologer whose weekly podcast reminded me of the urgent need to rethink our approach to abundance.. She asked an important question: How can we envision a future where wealth isn’t reserved for the few but is accessible to all?
Another nudge came from Robin Sharma, whose podcast and recent book on wealth emphasize that true wealth goes beyond money. These moments reminded me why I chose this path: wealth shapes who has power and who doesn’t, the rich from the poor, and ultimately, the connected from the disconnected.
This inner fire began years ago in a Grade 12 international politics class. I was disillusioned by the rampant inequality we’ve allowed to persist. Why prioritize profit over people? This frustration led me to pursue International Development and, later, a career as a wealth coach to empower others. I don’t have all the answers, but I know this much: by redefining wealth, we can pave the way for a more equitable and connected future.
The Flaws of Capitalism
Capitalism, at its core, is fueled by competition, growth, and profit. On the surface, it promises liberty and opportunity for all. In practice, it divides us—disconnecting individuals from their communities, corporations from humanity, and society from the planet. Growth at all costs has tipped the scales dangerously, creating a system where a select few thrive while others struggle just to survive.
The result?
Corporations amass wealth and power, leaving many individuals unable to meet their basic needs. This disconnection is capitalism's greatest flaw. It pits us against one another, perpetuating the illusion that there isn’t enough to go around.
While some debate whether humans are naturally good or evil, I prefer to look at it through the lens of duality. Nothing is inherently “good” or “bad.” Like individuals, systems have their flaws. Capitalism has strengths—innovation, freedom, and creativity—but when unchecked, it breeds greed and inequality.
And the imbalance is undeniable. As wealth accumulates at the top, those at the bottom are left to grapple with systemic barriers. It’s not a question of laziness, as billionaires like Elon Musk suggest. It’s about systemic inequalities that prevent marginalized communities—especially Black and Indigenous people—from accessing economic success.
The Role of History and Systemic Barriers
To understand the roots of modern capitalism, we need to confront its foundation: slavery. Black and Indigenous people were exploited to build wealth for nations, laying the groundwork for the systems we see today. Even Adam Smith, the “father of capitalism,” opposed slavery and believed in liberty for all. Yet, Smith underestimated the greed of corporations and the government’s failure to protect workers and regulate wealth distribution.
Today, the ultra-rich exploit loopholes to avoid paying taxes. I’m not talking about those making six figures; I’m talking about billionaires with fortunes large enough to last thousands of lifetimes. These individuals hoard wealth while employees barely get by, and the middle class continues to erode.
Here’s a stark truth: capitalism’s disconnection is why CEOs oppose unions and strikes. If you see employees as mere tools for profit rather than as people, it’s easy to ignore their needs. This scarcity mindset fuels division, making us believe that more for others means less for ourselves.
But scarcity is an illusion. Capitalism in its current form perpetuates it.
Government and Accountability
We can’t place all the blame on corporations. Governments also play a role in enabling greed and inequality by prioritizing the wealthy over the needs of the majority. Politicians often rely on the ultra-rich to fund their campaigns, creating policies that benefit the elite instead of the people they represent.
Grassroots movements, like those led by Bernie Sanders, show us what’s possible when everyday people come together. Elections funded by small-dollar donations—not corporate billionaires—are a step toward governments that truly represent the interests of the majority.
When choosing leaders, ask yourself: Who are they connected to? Are they here to serve your needs or protect the wealth of the privileged few?
Solutions for Change
The question remains: How can we bridge the freedoms of capitalism with a system that ensures everyone’s basic needs are met?
Here’s how we start:
Universal Basic Income (UBI): Everyone should have access to enough resources to cover food, housing, and healthcare.
Progressive Taxation: The wealthy must pay their fair share to fund social programs.
Worker Protections: Enforce fair wages, safe conditions, and job security.
Universal Rights: Guarantee basic human rights like healthcare, housing, and education for all.
Corporate Accountability: Corporations should prioritize employee well-being and environmental sustainability over profit margins.
ChatGPT offered these suggestions, and they align perfectly with my vision: a world where wealth and opportunity aren’t luxuries but universal rights.
Reimagining Capitalism
Capitalism has brought us incredible innovation, from life-changing technologies to groundbreaking medical advances. But it’s time to evolve. A system rooted in competition can only take us so far.
Let’s strive for a society where equity, empathy, and connection guide our decisions. Together, we can create a world where wealth isn’t the problem—and neither are humans.
Comment below and let me know your thoughts! Be sure to check out my YouTube channel for the video version of this blog post and if you're ready to take your financial wellness journey to the next level, then look below for additional coaching services and resources that can help you build lasting wealth and abundance.
〰️ WORK WITH ME
↳ my coaching services https://bit.ly/3ZAs0NZ
↴ additional resources and perks:
→ Download my free ebook on mastering your money mindset https://bit.ly/3fAfj33 💵
→ Download my free Wealth Tracker - https://bit.ly/48H8Rxj 🧮
→ Invest in stocks with Wealthsimple https://bit.ly/3PJYscp 📈
→ Invest in crypto and receive $25 USD https://bit.ly/3TxD4dr 🪙
→ Invest like the rich in art and receive a $200 bonus (USD only) https://bit.ly/3Popuqh 🖼️
→ Sign up for my bi-weekly newsletters https://bit.ly/466g09H 📨
〰️ CONTACT ME
✉️ hello@morganblackman.com
