Capitalism, Part III

Capitalism is an economic system based on private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, a price system, private property, and the recognition of property rights, voluntary exchange, and wage labor.

The middle class has an interesting relationship with capitalism.

Like an overwhelming number of Americans, I have spent my entire life in the middle class. As the son of an electrician and a nurse, my parents owned their own home, drove newer cars, pursued higher education, and ensured we wanted for little. We did not own the biggest house on the block. The cars were used. Our clothes were not name-brand, but we lived a better life than most.

As an adult living in Seattle, I still find myself renting, but drive a new car, I have two degrees, prize quality over quantity, and see an abundance of opportunities before me.

Holding our position on the economic ladder is sometimes a struggle. In this economy, I find myself unemployed and living with family while searching for a job. I am amassing debt, burning through my savings, and hope every day I can stay healthy since I am also uninsured. I know I am one catastrophic event away from true poverty. While my safety net is wide, I also know it is finite. Help and support…