Capitalism doesn’t promote equal opportunity

Proponents of capitalism argue that capitalism promotes equal opportunity, but this isn’t true. This can be seen by the fact that a lot of wealth inequality comes from inheritance. If one person is a billionaire through inheritance and others are born into poverty, then this is not starting people off with equal opportunity. Contrary to popular belief, the “American Dream” isn’t easy to achieve. Immigrants, racial minorities, and people from certain socio-economic backgrounds have less privilege and are structurally disadvantaged. Therefore, they’re more likely to continue the poverty cycle than to escape from it. For example, some families might not be able to afford to send their children to college because third level education in the United States is not subsidized by the government. Students from disenfranchised areas might not even be able to get into college in the first place due to them receiving a poor education at their local public schools. This makes them less likely to secure a well-paying job. Limited access to resources and opportunities (such as education, adequate nutrition, and healthcare) from the start limits your ability to move up. Capitalism fails to take this into account. Equal opportunity is also not possible because capitalism favors businesses instead of workers. Workers are exploited for their labor while companies try to pay them as little as they can. Companies will move overseas to find the least expensive labor they can.^[1] This harms the workers and in the long run the society. Long term inequality limits diversity and creates social division.

[P1] A lot of wealth inequality comes from people inheriting great wealth. [P2] Limited access to resources and opportunities (such as education, adequate nutrition, and healthcare) from the start limits peoples' ability to move up. [P3] Workers are exploited for their labor while companies try to pay them as little as they can. [P4] Capitalism does not promote equal opportunity.