Is Capitalism Working? (5B12)

Date: 27/04/2026

"Is Capitalism Working?" by Jacob Field

 (5B12 Wong Hoi Tung)

Good morning, everyone. Today, I am going to introduce a book called Is Capitalism Working? by Jacob Field. Before we start, I want you to imagine you were born in the year 1800 (eighteen hundred). Back then, you had a 33% chance of dying before your first birthday. If you made it past that, your life expectancy was only 30 years old. You would be in a field, spending every waking hour farming just to have enough bread to survive another week.

Fast forward to 2026. You’re standing in this playground, probably thinking about what you’ll buy for lunch or what’s trending on IG. What changed? According to this book, the world got a massive 'system upgrade.' Today, I’m going to give you a 'product review' of capitalism. Is it the greatest invention in history, or is it due for a total recall?

The first thing this 'product' does incredibly well is innovate. Field uses the iPhone as the perfect example. Apple doesn't just make a phone and stop. Because of competition, they have to 'destroy' their own products to stay on top.
The book calls this creative destruction. This drive to compete is why we have 5G internet, AI, and medicines that can cure diseases that used to wipe out entire cities.

Think about streaming services. We used to have to go to a store to rent a physical DVD. Capitalism created a race to make entertainment easier to get. Now, you can enjoy movies on Netflix and Disney+ and more. That is the system working to give you more for less.

Think about your phone. Fifteen years ago, a smartphone was a luxury. Now, many of you have one. That phone contains a camera, a calculator, a music app, a video editor, a library, and a gaming console — all in one device. How did that happen? Companies like Apple, Samsung, and Google competed to make better, cheaper, faster phones. They wanted your money. That competition drove innovation. Capitalism didn’t just make phones smaller; it made them smarter.

But every product has glitches. Field identifies three major 'bugs' in capitalism that we see every day.

First, the inequality bug: While the system creates billions of dollars, that money tends to gather at the top. Field explains that 'capital' (money owned by the rich) grows faster than 'labor' (the wages workers earn). That’s why you see luxury skyscrapers next to people who can't afford rent.

Second, the externalities bug (the environment): This is the most dangerous one. Field explains that companies often make a profit by 'ignoring' the cost of pollution. For example, a fast-fashion brand sells a $60 T-shirt. It’s cheap for you, but the cost was actually paid by a river in Asia that got polluted with dye, or the atmosphere that got filled with CO₂. The planet is paying the difference.

Third, the gig economy trap: Think about food delivery. It’s convenient, right? But Field points out that these workers are 'independent contractors.' This means the company doesn't have to provide sick pay, insurance, or a steady wage. We get cheap pizza, but the worker gets no security.

So, is capitalism working?
Think of capitalism like a massive video game that we are all playing. Right now, the game has some amazing features, but it also has some pretty bad glitches that make it unfair for some players and damage the world we live in.

This book reminds us that we are the ones who get to decide the new rules for the next level. We don't have to delete the game; we just need to fix the 'bugs' so that everyone can win.

If you want to know more about capitalism, this easy-to-read book is just for you.

Thank you.