Quote

Martin Luther King said:  "I imagine you already know that I am much more socialistic in my economic theory than capitalistic. And yet I am not so opposed to capitalism that I have failed to see its relative merits. It started out with a noble and high motive, viz., to block the trade monopolies of nobles, but like most human systems it fell victim to the very thing it was revolting against. So today capitalism has out-lived its usefulness. It has brought about a system that takes necessities from the masses to give luxuries to the classes."  Socialistic is a social and economic system characterized by social ownership of the means of production and co-operative management of the economy, as well as a political theory and movement that aims at the establishment of such a system. Capitalistic is an economic system in which trade, industries, and the means of production are largely or entirely privately owned and operated for profit. Central characteristics of capitalism include private property, capital accumulation, wage labor and, in many models, competitive markets. He is saying that capitalism has already out lived itself and that was in the 1950’s….so can you imagine how much it has out lived itself now?! He is saying that it has outlived its usefulness and was not useful as it used to be. I think that Martin Luther King knows what he is taking about and he is a very good man. I also think everyone really listened to him because he was one of the first black people to become famous for his public speaking. He was a very good public speaker and always seemed to know what he was talking about. I think that for capitalism to take away the necessities to give the rich people their luxuries is so wrong! Capitalism is definitely not what a person with a lot of money wants.  I think that socialism is a lot better than capitalism because it is not taking away anything from anyone.