S03E03 – How capitalism is both the problem and the solution

In this episode of Finding Common Battle Grounds, Tom and Nate tackle capitalism. The first question they address is: “How is capitalism the solution?” Tom argues that capitalism has ushered in an era of prosperity for many people and that the invisible hand of the market is a highly efficient and fair system for setting prices. Nate argues that capitalism has helped develop the means of production, which is a necessary step toward a future where people do not have to work as hard. There is general agreement between Nate and Tom on these points. The second question is: “How is capitalism the problem?” Nate argues that capitalism has resulted in massive inequality and, while worker productivity has improved, the result of that productivity increase has not been higher wages for everyone but for the owners of the means of production – the capitalists. Tom argues that capitalism does lead to exploitation and inequality, but that it is the worst economic system aside from all the others of which we are aware. Again, there is general agreement on these points and both agree that capitalism has problems and benefits but neither is precisely sure how to move forward to address the problems.