Economic competition results in numerous innovations that improve all of our lives

"I strongly disagree with this point. Economic competition should result in competitors lowering prices to out-do each other. This is not the case. All capitalist corporations bar none want to make as much profit as possible. As such, prices reflect not economic competition but supply and demand. Whenever we have a shortage of something, the price goes up across the board, which in no way makes ALL of our lives better off. Only people who can afford such items get them, regardless of how much they need them, while the lower, working classes must go without." A lot of this is simply untrue. Competition comes from supply and demand. If something is in high supply and has a high demand, then competing companies will provide the consumer with these items at a low price and with a good service. Of course "whenever we have a shortage of something, the price goes up across the board" - that is simple economics and will happen regardless of a capitalist system or not. However the capitalist system ensures that competition will produce alternatives to the things in short supply. We have seen this with the ever dwindling supply of fossil and the creation of green alternatives. A great amount of Americans now own hybrid cars - this is thanks to capitalism, and, to quote a West Wing character, "if capitalism can do that in the most car crazed culture on earth, it must be right." "The most productive country in the world at the time of this debate is China. They are not a capitalist, but communist." Fortunately for the Chinese, this is largely untrue. China has largely liberalised its markets over the past 10 years. It is thanks to capitalism that the conditions of many Chinese have improved. "People are losing jobs in every field because of the cheaper labour of China and India. Australia for example, has sent almost all of its manufacturing offshore because Capitalist corporations can make a greater profit in a Communist society." The answer to this is simple - the countries that jobs are being lost in can repeal anti-capitalist restrictions upon free trade that cause jobs to be outsourced abroad. This includes the minimum wage. Globalisation and the outsourcing of jobs abroad is not a problem - it is simply the division of labour throughout borders, and as our world grows closer and our economies become intertwined it becomes even less of a problem. The idea that people in Australia would then be unable to find work is absurd - there is still a market in Australia and supply and demand will see him find a job. "A system of high tax, compulsory acquisition of farm land for government development and unregulated corruption is much more accurate description of what Capitalism has brought. The lower class remains stagnant for generation after generation." This is not capitalism! Capitalism does not preach high taxes (because it destroys wealth and creates bureaucracy and low production) and certainly does not preach for the government to compulsorily acquire private property for government development. You are not telling me the problems of capitalism when you say things like this, but actually you are quoting the opposite of capitalism. Capitalism preaches none of these things.