Is Capitalism Inherently Unable to Foster True Equality Within Society

Is Capitalism Inherently Unable to Foster True Equality Within a Society?
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Is Capitalism Inherently Unable to Foster True Equality Within a Society?
Capitalism is the political and economic system where private individuals and for-profit organizations control a country's investment, trade, and production. The emergence and rise of capitalism in the nineteenth and twentieth centuries have given it dominance in the world’s economic system (Jodhka et al., 2017). Because some people are better competent than others to take advantage of what capitalism allows, it has resulted in economic inequality and unequal wealth distribution. (Muller, 2013). Those who inherit capital can enjoy high income with zero effort. They can access the best schools and jobs. This creates economic and social inequality. Therefore, capitalism cannot foster true equality within a society because it continuously creates economic and social division.
Studies show that society is capitalist when large quantities of the distribution products occur through markets where individuals and for-profit corporations trade to maximize profit (Patnaik, 2015). The markets allow for-profit circulation into new investments since investment capital combines with labor power to generate products and services. Capitalists then sell these products and services to make more profits that provide additional capital for future business (Ranaldi & Milanović, 2021). The continuous process creates a cycle of increasing profits. This scenario demonstrates how capital ownership in a capitalist society produces inequality.
Eight people now control more wealth than half of the world's population of almost 7.8 billion people. (Ranaldi & Milanović, 2021). In the United States, the wealthiest 1% own close to 34% of the wealth, and the wealthiest 10% own almost 74% of the wealth(Ranaldi & Milanović, 2021). These figures show the economic inequality in today’s world. However, this is not just an issue for the poorest, as rising inequality and economic insecurity can destabilize social order and lead to criticism of the capitalist system if inequality is not addressed and these figures continue to rise. In capitalist societies, inequality is often influenced by resource inequality and inequalities of inheritance, leading to disparity in education, available opportunities, and economic capabilities (Wisman, 2015).
According to Jodhka et al.(2017), a capitalist society is based on the legal right to private property and the ability to pass wealth down to future generations. Capitalists believe that a capitalist society is just because it allows everyone to enjoy the fruits of their labor (Muller, 2013). However, the truth is that capitalism enables the privileged to become richer by inheriting wealth. This promotes wealth inequality. By doing so, capitalism creates inequality of outcomes and opportunities.
Wisman (2015) found that capitalism creates a difference in the distribution of capital and labor, which describes a society's economic system. In this context, Ranaldi and Milanović (2021) postulated that capitalism creates a scenar...