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Capitalism- A World Made of Money
Transcript of Capitalism- A World Made of Money
A World of Money
Before we begin...
Skylar, Jessica, Jesse
Brett, Cameron D.
Brad W., Connor, Cameron M.
Angie, Hannah, Todd
An economic and political system in which a country's trade and industry are controlled by private owners, with the goal of making a profit.
What Does Capitalism Mean?
A financial gain- the difference between the amount earned and the amount spent in buying, operating, or producing something.
Wealth in the form of money or other assets owned by a person or organization.
What is Capitalism?
Capitalism implies freedom- the freedom to independently buy things and own them for yourself, and the freedom to not have to wait for the government’s approval to make any profit or capital. For example, say you live in a capitalist society- you can always freely leave when you want, and everything you own can come with you- your car, your clothes, your furniture- everything. This is because, as silly as it sounds, you’re the owner of your own things. An example of a capitalist society would be Canada, the United States, or the UK.
What Catholic Social Teachings Relate?
What If You Don't Live In a Capitalist Society?
If you don’t live in a Capitalist society, you could live in another economic system- like socialism or communism.
An economic system characterized by social ownership of the means of production and co-operative management of the economy.
The fact of being owned by a private individual or organization, rather than by the state or a public body.
2- Private ownership:
A socialist movement, whose goal is to create a classless, moneyless and stateless social order.
Individual Human Freedom
You can think of capitalism in two ways:
The Good Side
The Bad Side
The act of wasteful spending and/ or hoarding by selfish decision-makers in large businesses.
1. The Life and Dignity of the Human Person
2. Care for God's Creation
3. The Dignity of Work and the Rights of Workers
1. Are you for or against the use of capitalism (being that you live in a capitalist country)?
3. Would you change to another economical system if you could? If no, why not? If yes, to which and why?
4. Do you think that the pros of individual freedoms that come with capitalism outweigh the negatives of corporate greed? Why or why not?
2. How do you define freedom? Is freedom based on what kind of economical system you live in (capitalism, socialism, communism)?
1.The Life and Dignity of the Human Person
"How a voice from a North Korean gulag affected human rights discourse"
In this article, we see how Shin Dong-hyuk, 30, escaped from a North Korean Prison Camp. His book, "Escape from Camp 14" is also mentioned; as he tries to raise awareness of these camps and we are told of accounts where he had to fight with his family for food and pick corn kernels out of cow manure to eat. He was also forced to watch his mother's hanging and his brother's execution.
A Video From The Article:
2.Care for God’s creation
5. People go to extremes to achieve profitable money. Where do you draw the line? What actions do corporate companies do for profit that you see as “morally wrong”?
6. Who do you think is really being cheated out when it comes to corporate greed: the workers who slave to make minimal incomes, or the consumers who think they’re buying a great product, but are really buying a slave-driven product that was made by a child?
7. Is profit more important than the life and dignity of a human person? What does the Catholic Church say?
8. Think of your answer to the question “are you for or against capitalism.” Now that we have seen both the negatives and positives that come with capitalism, which side are you on now? Did it change? If yes, why do you think?
A) Inject all the beef with steroids to make them look bigger so that you can sell them for more money- however, making all your consumers sick.
B) Sell your company for minimal money to your rival company and shame your father’s legacy.
C) Wait for the company to fail and declare bankruptcy.
1. You are now the CEO of a major beef importing company because your dad died and you inherited it- you have no experience in business. This business is all you have; you have no other job or rich relatives to help you out. Because of this inexperience, your company is failing miserably and sales are down 50%: What do you do?
2. You are the marketing manager of Malboro, a cigarette company. You don’t necessarily like your job and you don’t even smoke. You are also aware of the dangers of smoking as your mother died of lung cancer from smoking. You feel it is a sin to be promoting smoking, when you’re really against it: What do you do?
A) Put all your heart and soul into advertising your product- while knowingly increase the chances of people also dying from lung cancer.
B) Slack-off and risk losing your job because of your beliefs and life experiences.
C) Put out a personal article on the Malboro website, explaining how your mother died from smoking and how it decreases your lifetime.
3. You are a regular college student- you have an idea for a new social media website. An investor offered you 3 million dollars to start this idea up. However, this idea only came to you through working with someone else on another idea. You don’t really have faith in your partnered idea, and really want to start your social media website up: What do you do?
A) Start it up openly anyways, profit from the money, and risk having him file a million dollar lawsuit against you.
B) Start it up secretly, profit from the money, and hope that when your secret does get out- that he will forgive you and ignore it.
C) Sell your idea for minimal profit to the investor because you know it wouldn’t be right to do that to your friend.
What Would YOU Do in a Potential Corporate Greed Scenario?
"Abercrombie & Fitch CEO's Epic Greed"
In this article, we are taken back to the story of Abercrombie and Fitch CEO, Mike Jeffries and his corporate greed. Up to a certain point, Jeffries alone spent around $1.3 million of the company income on personal travel each year- in addition to the $71.8 million he received- all this at the same time when international sales were down 26%. This was then later corrected, when the company decided to instead give him a $200,000 personal travel budget, but reward him with a bonus 4 million dollars for the next 4 years... but it makes no sense, because they pretty much gave him what he was spending in the first place.
This connects with the life and dignity of the human person, because we see how a person in a non-capitalist community has no respected rights, was put into a prison camp by his own government and suffers every day because of it. We also see how good capitalism can really be for someone and how it can save them and grant them freedom over a dictatorship.
A Video From The Article:
This connects with the care for God’s creation because it opposes it and shows corporate greed- which is exactly the opposite. Here, we see the story of Mike Jeffries and how he uses the profit of his company for his own selfish reasons- and completely disregards every other hard working employee in the company- therefore, not caring for God’s creation, and only caring for himself.
3.The Dignity of Work and the Rights of Workers
"US beef industry puts consumer at risk according to study"
In this article, we learn about The Kansas City Star's study about the US beef industry- and it's use of a tenderizing technology which is becoming a severe health risk to consumers- diagnosing more people with E. coli poisoning. The study shows that the reason for this process is to tenderize the meat- in order to make their meat taste to increase more sales and therefore profit- leading to hundreds of preventable illnesses every year.
This connects with the care for God’s creation because, like the case with Mike Jeffries, it opposes the car of other people by greedy corporate means as it puts its consumers at risk.
A Video From The Article:
"Nike workers 'kicked, slapped and verbally abused' at factories making Converse"
In this article, we learn of the maltreatment of Nike factory workers, who say they were "frequently threw shoes at them, slapped them, kicked them, and called them dogs and pigs. " When asked about this, Nike admits that such abuse has in fact occurred, but say there is little they could do to stop it.
This connects with the dignity of work and the rights of workers because it obviously shows how those rights are not being respected and forced to slave in order to again- accomplish corporate greed and make more profit with cheaper labour.
What Does the Catholic Church Say About Capitalism?
"Does the Church Condemn Capitalism?"
In this article, we see Pope John Paul ll's perspective on capitalism. He says how the church can be both for it, and against it in certain cases, as he says: "if capitalism means entrepreneurship, commerce, innovation and technological progress and private property, then the church would be for it... but if by capitalism you mean greed, materialism, cut-throat competition and exploitation of workers- then the church would be against it."
•“You shall love your neighbor as yourself” (Matthew 22:39).
•The 7th Commandment: “You shall not steal” (Exodus 20:15).
•Each person requires respect for the universal destination of goods and respect for the right to private property.
•"Neither thieves, nor the greedy . . ., nor robbers will inherit the kingdom of God" (1 Corinthians 6:10).
•The moral law forbids acts the enslavement of human beings, or to their being bought, sold or exchanged like merchandise.
Other Points That The Catholic Church Makes About Capitalism:
"Capitalism." Wikipedia. Wikimedia Foundation, 06 Mar. 2013. Web. 27 May 2013.
Lutz, Ashley. "Abercrombie & Fitch CEO's Epic Greed." Business Insider. Business Insider, 13 Aug. 2012. Web. 27 May 2013.
"Nike Workers 'kicked, Slapped and Verbally Abused' at Factories Making Converse." Mail Online. Associated Newspapers Ltd, 13 July 2013. Web. 27 May 2013.
Park, Madison. "How a Voice from a North Korean Gulag Affected Human Rights Discourse." CNN.com. CNN, 10 May 2013. Web. 27 May 2013.
Schmiesing, Kevin. "Does the Church Condemn Capitalism?" Crisis Magazine RSS. Crisis Magazine RSS, 9 May 2011. Web. 27 May 2013.
Sewell, Anne. "US Beef Industry Puts Consumer at Risk According to Study (video)." US Beef Industry Puts Consumer at Risk According to Study (video). Digital Journal, 19 Dec. 2012. Web. 27 May 2013.