i miss the old kanye (it might be time to rethink capitalism)

I’m done. I can’t make any excuses. It doesn’t matter that he made Graduation, it doesn’t matter that he produced My Beautiful Dark Twisted Fantasy. There is no amount of music in the world that could justify the actions of an unhinged lunatic, a man so far beyond the realm of anything real and rational, a pure psycho that is Kanye West, or ‘Ye’, as he so unfortunately prefers to go by now. In a world where rap beefs and ‘diss’ songs are making an unprecedented comeback, it is truly refreshing to see one of the greatest artists of all time take an axe to his own legacy and go against everything he has stood for his whole life. The best explanation for this whole tiresome ordeal we have is that Kanye apparently died a few years back and was replaced with this new Hitler-loving, wife-exposing maniac we see in the news today. I hope we get the former version of him back, because for some apparent reason I still hold hope - I still miss the old Kanye. 

As a lifelong fan of an artist, movie star, or any celebrity, it is always crushing to watch your heroes fail. As a lifelong advocate for the free markets, for the glorious promise that lies in the dreams of capitalism, I feel somewhat the same way about the place of capitalism in modern day economics. The latest rendition of capitalism is said to have begun in 18th century England at the cusp of an industrial revolution. For the first time in history one did not have to belong to a politburo, or nobility, or clergy to achieve some kind of wealth. For the first time one did not have to appease a King or ruler to earn wealth and fame, but could service the needs of their fellow citizens to earn generational wealth. This system spread throughout the world as time progressed, as capitalism won a decisive, ideological victory through the second world war and the Cold War, proving one thing alone - humans are individualistic, materialistic creatures and capitalism served as the best method for us to achieve our individualistic, and societal goals. 

Lately though, it seems as though the very foundational principles of this remarkable system are being turned on their head. If FA Hayek and Adam Smith were to see the state of modern capitalism, they would weep in sorrow. A system that was supposed to lift the world out of poverty is now being dominated by monopolies, who work hand-in-glove with the state to conspire against those they are supposed to serve. A system that was supposed to grant freedom serves as a mechanism of operation, as lobbyists and big businesses dominate the scene, keeping the plebes where they are supposed to be and bringing back the class systems of y’ore that we swore to end. Now I ain’t saying she is a gold digger, but she is definitely not helping any broke erm … gentlemen. 

Adam Smith warned against ‘the merchants and manufacturers’ colluding with the state to rig the system, to bend the rules to their favour. Through regulatory capture and crony capitalism, they ensured the very systems designed to prevent anti-competitive behaviour are the ones causing it. Think Big Tech, Big Pharma, really anything with the words ‘Big’ in it. Your food is controlled by massive corporations who convince you that the ultra-processed sugars and packaged garbage you feed your kids isn’t unhealthy, your pharmaceuticals are controlled by big corporations who have a pill to solve every problem under the sun. Can’t get up in the morning? Have a pill. Can’t get it up in the morning? Have a pill. Can’t go to sleep? Have a pill. And on the flip side, anyone who dares question this sacrosanct industry is automatically labelled a bumpkin, or an ‘anti-vaxxer’. Anyone who rejects the notion that mutilating your kids and performing life-changing gender change surgery on minors may have adverse effects is labelled transphobic. When did we start rejecting the very questioning mindset that brought us to the progress we so cherish today? When did we curb the innate curiosity and replace it with conformity to this herd mindset that stops us from growing? This may not kill us, but it is definitely not making us stronger. 

The COVID pandemic and aftermath of the vaccinations were a great testament to how much of a stronghold the pharmaceutical industry has on our emotions and spending patterns. As soon as the pandemic struck, pharmaceutical industries were quick to act, collaborating with media outlets, their fearmongering tactics effective in pushing expensive treatments and spreading mass hysteria while censoring any alternative views. The World Bank estimates that lockdowns caused a loss of roughly $12.5 trillion in global output, and the United Nations estimates that these lockdowns caused more loss of life than the actual pandemic itself. While in the meantime, Big Tech added over $3 trillion to their coffers while Big Pharma made billions on COVID vaccines and other unnecessary treatments pushed to the public. Now, don’t worry, I’ma let you finish - but Pfizer had one of the best media manipulation techniques of all time. 

The latest failure of capitalism in today’s world cannot be exemplified any better than by America’s new emperor, modern-day Genghis Khan, Elon Musk himself. While most paint him as the poster child of modern capitalism, the startup that broke through the clutches of the failing Detroit automobile industry to change the world, it couldn’t be further from the truth. While people tend to view Elon as a champion for small government, government efficiency and free markets, it couldn’t be further from the truth. Tesla received over $465 million in federal loans in their earlier years, and continue to enjoy government subsidies; SpaceX is dependant on government funding and the billions it receives from NASA to make it the most valued private company in the world. Not to mention the fact that Musk discovered Twitter was such an effective platform in moving markets and manipulating public perception that he spent $44 billion of Tesla’s money to buy out the platform altogether. And as if to ‘come out of the closet’, Musk has now publicly declared support for President Donald Trump, effectively becoming one of the most powerful people in the world as other tech CEOs are vying to kiss the ring and share some of the pie in this new world order. Did Musk win capitalism? Or did he murder it? That’s for you to decide. 

Is there a solution to this new corporate-owned, monopoly-led, soulless version of capitalism that we now live in? I don’t know. But I still maintain my faith in the system. The system that uplifted millions out of poverty, the system that brought us the industrial revolution, the technological revolution, so many others. But we must admit that the classroom version of ‘textbook capitalism’ propounded by Adam Smith, David Ricardo and FA Hayek remains very much that; a theory that really failed to pan out in the real world. While left-wing champions love to argue that ‘real’ socialism or ‘real’ communism has never been tried out in the real world, we could very much argue the same for modern-day capitalism. The purpose of this article is not just me venting my frustrations at a broken system, nor is it a guidebook explaining how to win a rigged game. But I will say this 

I miss the old capitalism, 

Straight from the gold capitalism, 

Still had a soul capitalism 

I hate the new system, 

The too-big-to-fail system, 

Controlled by the news system 

Let’s please bring back the old Kanye, and the old capitalism. Ahh, simpler times.

About the Author

Hriday Mehta, former managing editor of The Contrarian returns as a guest writer to provide us with this thought-provoking piece. Having graduated from Jai Hind College with an Economics degree in 2022, he went on to pursue a Master's degree at London Business School. He now works at Goldman Sachs in Bangalore as an Investment Banking Analyst. Apart from being a passionate writer, he also enjoys reading, performing standup comedy, and playing sports such as badminton and padel.