1. Capitalism is an idea to be a Nation of Wealth and it is practiced since 16th century. The idea of market and merchant, buyer and seller were twine deeply and the idea of capitalism was really work in a right manner. The idea of capitalism encourages people to produce products and offer them to the society. The European and the west established a term “free market” and some of the scholars reject tariff, excise and tax.
2. Capitalism introduced labor and income so that there is wealth share mechanism between employer and employee. People are paid based on their ability to work and their handwork. Therefore, the industrial term existed as the labor market was plentiful. Some were shifted from Africa to work in estates and factories. People start to live in prosperity and at the same time people are divided into classes and caste. A lot of countries developed tremendously due to industrial revolution and international trade. Vast of products have been produced to be distributed to the humankind regardless consumable and non consumable product.
3. Monopoly is one of the best ways introduced by capitalist to gain wealth and market dominance. Fried Chicken was introduced in Kentucky and now you can find American fried chicken (KFC) all over the place in the world. In the modern world, those who dominate and control the commodity, trade currency and the technology are the monopoly.
4. Many nations embraced capitalism and some embrace socialism to run their country. American and European countries used capitalism as a tool to expand their business worldwide. Some used war as a way to find new oil field and many people died because of it.
5. The banking system was pattern in such a way to allow high interest to be charged to the people. Only those who are highly paid can own big houses, expensive cars, jewelries, money and other wealth. The banks earn a lot from interest that is based on government policy.
6. The low wages societies live in poverty and they cannot entitle for any loan. Therefore, many of them find other solution to supply for their need. Some do day and night job to pay bills and household expenses. Some are using illegal money lender to get money for their children education.
7. There is a government agencies assigned to give loan for students but then some work very hard to get it paid. Why? Because the wage scale for fresh graduate is around RM 1000-RM1200.
8. According to Alan Smith, capitalism is about wealth sharing. In Malaysia wealth is dominated by political party through government mega projects and tenders. Tenders and projects are awarded to the individuals that come from dominant party.
9. There is open tender system to uphold transparencies and good governance but then, those who are awarded the big project are not publicized. Most of the tenders are awarded to the politician families and cronies. We now can enjoy lost from PKFZ and Bakun.
10. We have several GLC (Government Link Companies) and most of them are controlled by politician buy putting their family members as directors and chairman. That is why PERWAJA and MAS are badly hit by bandits and thieves. Maybe they are bankrupts because of taxes they have to pay to the government.
11. Government has a policy to ensure wealth is well distributed to those who do not know how to manage business but it doesn’t serve it purpose because the policy is used to abuse the people who should benefited from it.
12. We will never see an “economic harmony” in our country as long as our statesmen and stateswomen are corrupted. There will always be a barrier between the rich and the poor even though we are aiming a total zero poverty. What ever system that is apply to distribute equal wealth and good living; it will never work if there are people who abuse it.