Final answer:
Capitalists justified economic inequalities via laissez-faire economics, prizing market freedom, which they believed naturally led to wealth creation and innovation. Critics, especially Marxists, countered that the capitalist system was exploitive and destined for collapse, calling for a more equal and collective approach to production and wealth distribution. This debate remains relevant today amidst ongoing discussions around wealth concentration and economic inequality.
Step-by-step explanation:
Capitalists justified growing economic inequalities by invoking the principles of laissez-faire economics and the free market, which posited that economic disparities are a result of natural market forces. Wealth creation through competition and private enterprise were seen as driving progress, and inequalities were viewed as inevitable or even necessary for motivating innovation and hard work. In contrast, critics such as socialist thinkers attacked this justification on ethical and social grounds, proposing that such a system exacerbated poverty and inequality. They argued for a societal model that would address the needs of all individuals, promoting equality and removing class stratification.
The industrial revolution intensified these criticisms, leading to the emergence of Marxism, a philosophy developed by Karl Marx that identified inherent issues within the capitalist system. Marx stated that it was inherently exploitative, with the bourgeoisie, or the wealthy class who owned the means of production, accruing wealth at the expense of the proletariat, or working class. This exploitive relationship was predicted to eventually lead to the collapse of the capitalist system and the rise of a workers' revolution, paving the way for a classless society where the means of production were communally owned.
Today, the questions of why people are discontented with wealth distribution in society and the concentration of riches among the top 1% are both pressing and relevant. Marx's discourse on the causes of such inequality sheds light on current sentiments and helps us address the causes behind today's economic disparities.