Capitalism: The Dream That Forgot to Set an Alarm

Rich or poor—that’s the debate, right? The one that keeps coming back like a bad STI. It’s always been the same story: capitalism is the golden goose, and if you’re not on board, well, you must just love misery. But lately, even that narrative is starting to crack. Thanks to a new breed of non-populist politicians, we’re all getting a front-row seat to the awkward realization that maybe, just maybe, this whole system isn’t as flawless as we were told.

Let’s be honest here—capitalism was sold to us like it was the ultimate utopia. The Western world swore by it, pushing it on everyone like a late-night infomercial. "Act now, and you too can live the dream!" Well, fast forward to today, and it turns out that dream was more like a fever dream. Because, surprise, life doesn’t work like that. The last twenty years have shown us that utopia might just be a place where you never have to check your bank account balance before ordering takeout. And even that’s not guaranteed.

But here’s the rub: The evidence isn’t hard to find. According to the Economic Policy Institute, wage stagnation has been a persistent issue in the United States for decades. From 1979 to 2019, the bottom 90% of earners saw a mere 26% growth in their wages, while the top 1% enjoyed a staggering 160% increase. That’s right—the very system that’s supposed to reward hard work and innovation has, in practice, been rewarding those who already had a head start. So much for the American dream, huh?

If you're still not convinced that this system is broken, consider the economic policies of countries outside the Western capitalist model. For example, China has lifted over 850 million people out of poverty in the last few decades—a feat that no capitalist country has come close to achieving. The key? A blend of state-led capitalism and socialism, not the unfettered free market we’ve been led to believe is the only path to prosperity. This doesn’t mean China’s model is flawless—it has its own host of issues, including human rights concerns and government control. But it does challenge the notion that capitalism is the only way to achieve significant economic progress.

In fact, some countries in Latin America, Africa, and Asia are challenging the very structure of capitalism. In places like Rwanda, for example, the government has actively invested in infrastructure, education, and health services, without fully embracing Western-style capitalism. These examples show that there are alternatives to the capitalist model, and they don’t come with the same promises or pitfalls. The world hasn’t ended in these countries, and in many ways, they’re thriving.

Let’s take a trip down memory lane to a simpler time—the mid-'80s, when big hair and even bigger economic promises were in vogue. That’s when I was born, smack in the middle of the era of excess. By the time I graduated high school in the early 2000s, the world was full of possibilities, or so I was told. My parents, bless their optimistic hearts, believed in the “You can be whatever you want to be” dream. A sweet sentiment, but also wildly misleading.

Because here’s the truth: We are not all born equal. I know, shocking, right? But the world isn’t a level playing field. Some people are born on third base and think they hit a triple, while others are still trying to find the entrance to the stadium. And that whole idea that you’ll be judged by your character, your values, or your diplomas? Yeah, that’s a fairy tale. In reality, you’re judged by how others perceive you, and that perception is often as accurate as a blindfolded dart throw.

Research backs this up. Studies from Princeton University and Harvard University have shown that factors like race, gender, and socioeconomic background play a significant role in determining life outcomes. A study by Raj Chetty and his colleagues found that children born to low-income families in the U.S. have drastically fewer opportunities to climb the economic ladder compared to those from wealthier backgrounds. This study clearly shows that access to opportunities is not a level playing field, and factors outside of hard work and education are often what determine success. So much for the idea of meritocracy.

Take my own career, for example. I have no illusions about why I landed most of my early jobs. Was it because I was the most qualified? Ha! No, it was because I happened to tick the right boxes: white, female, and, let’s face it, decent at charming my way through interviews. I might have flirted my way into a few positions, but hey, when in Rome, right? And sure, that might sound cynical, but it’s the truth. We all play the game with the cards we’re dealt.

And I’m not the only one. Research shows that unconscious bias in hiring is a real and persistent issue. A study by the National Bureau of Economic Research found that job applicants with "white-sounding" names were 50% more likely to receive callbacks for interviews compared to those with "Black-sounding" names, even when their qualifications were identical. It’s almost like the world doesn’t care about your diploma as much as it cares about how you look and sound.

In more recent years, I’ve worked mostly under female bosses, and it’s been an interesting shift. But even that doesn’t erase the uncomfortable reality that the world my parents raised me to believe in—a world where hard work and integrity are enough—doesn’t really exist. At least, not for everyone.

So here we are, stuck in a debate that never seems to end. Rich or poor, capitalism or whatever else is on the menu this week. The politicians will keep talking, the systems will keep grinding away, and the rest of us will keep trying to make sense of it all. It’s a messy, flawed world, and sometimes it feels like we’re all just stumbling through it. But maybe that’s the point—if it were all perfect, what would we have left to argue about?

In the end, the debate isn’t really about rich or poor. It’s about figuring out how to live in a world that doesn’t always play fair. And maybe, just maybe, that’s the real challenge. Because as much as we might want a utopia, the best we can do is keep pushing for something better—one sarcastic comment at a time.