Capitalism and Income Inequalities
Capitalism is one of the main problems in the Philippine economy. Not everyone can see this because it has been a part of our lives for so long that we thought it is normal or an ordinary thing. This is an economic system wherein private individuals or businesses own capital goods and accumulate profits. Doing business is okay, but engaging with capitalism puts other people at risk.
With this system, profit is the main priority, therefore, people and resources linked to them are being manipulated and used. A lot of high-rise corporations and other business firms have turned capitalist and it is the consumers and the laborers of the business who endure the most. The laborers receive insufficient income even with their completed hours of work. They are not being compensated fairly – the business firm cannot return the time, hard work, and effort that a single labor has given off which benefitted the firm and made profits out of it. In our country, working hard is not always the problem because of inequitable situations and positions that we have in lives.
The income of a person or a household measures the quality of life that they have. This means that it also highly affects their health, education, and their whole well-being. In our country, there are more poor people as compared to the rich and it is because of the income inequality that occurs. Income is being distributed unevenly towards the people which makes the rich people richer and the poor people poorer.
This economic problem does not bring justice to the households who barely have nothing. To answer this problem, I think we should start reviewing and assessing the wage rates. The minimum wage rate in 2010 was Php426 and after a decade, it only hiked up to Php537. The difference is inequitably enough especially that a lot has happened and inflation rate is continuously increasing. The government should implement laws on increasing the salaries and wages of the workers. Aside from that, they should prioritize benefits for them in support for their work. We should end contractualization, too, in order for the workers to have stable jobs.
Another thing to point out is how we degrade our janitors, housekeepers, drivers, and the like. They are workers, their work is important and needed in our society, whether they are finished in school or not, they have the right to be treated professionally and compensated justly.
Furthermore, capitalism also damages our environment and other resources. An example would be on how a real estate business firm turns agricultural lands into subdivisions. This is jeopardizing our agricultural sector, our farmers, our food supply, in the bigger picture, our economy itself. Therefore, the government should act on how to protect our environment from capitalists. They should find a way on how to monitor them closely before they earn and keep all of our money and left a permanent damage on our resources.
Unemployment.
Philippines’ population is constantly growing and so is the unemployment rate. It has been always a problem for those who are already college graduate but still can’t find a job, and the question is, what more for those did not even had the chance and opportunity to have education? In our country, the number of jobless people is alarming and it pulls the society down because people must have their basic needs in order to survive, and without employment, there’s also no income, therefore, not enough resources to get through a household in a daily basis.
Thus, this economic problem must be given attention and solution for it to decrease even in a little percentage is year. I believe that the four sectors of the economy must take their parts in this issue most especially the government. The government must make a way to create new jobs or they could create policies regarding this concern which will be followed effectively by public and private agencies. The employers should redesign their qualifications and eliminate discrimination in age, sexual orientation, color, status as parent, disability, and others. They should also remove the toxic trait of giving the job vacancies to their relatives or people they know outside the workplace. Giving the job to someone who is appropriate for the position and is passionate and prepared for it will make a good turn for the firm. Sooner or later, the change that he was able to contribute will reflect to the workplace and in bigger picture, to our society and economy. To promote fair and just employment to the applicants who are really suitable for a job can do a lot.
Another thing that I have to point out is that the other countries are benefitting from our labor. An example would be our engineers who works in Dubai, our nurse who works in different parts of the globe, and mostly are those who risk their life as domestic helpers. What is their main reason is working across the seas than working in their own land? It is the salaries and benefits, but in return, it is actually our loss. If only there are no corruption and other hidden agendas that the people in the government have and they would just do their jobs accordingly and effectively with their best, then maybe there will be reasonable salary offers and equitable benefits being provided in our country, then our professionals will work and help in our own nation, the high school graduates can grab a job, and the unfortunate ones who weren’t able to study can also have a job. There is no economic growth if unemployment is way too high.
