Week 3 Pre-blog: Capitalism

             An interesting debate seems to stem from Weber's ideas about the ideal nature of western nations in regards to capitalism. The modern idea of capitalism, according to Weber, seems to be an entirely western entity that has evolved upon itself to suit the needs of our society. Capitalism, according to Weber, is "the striving for profit in a system that rewards rationalism and a continuous drive for improvement" (Weber, 2001). It is a society that strives for profits and attempts to navigate the pitfalls of bankruptcy, perhaps leaving morals by the wayside to accomplish its goals. 
            One must wonder, thus, how new technology fits into the sphere of this definition of capitalism when dealing with the current American economy. Weber contends that the west has given birth to new elements of capitalism, but how does this, per say, fit in with something like Cryptocurrency? Cryptocurrency is the quintessential development of modern technology to put wealth into the hands of the ordinary person. Its revolutionary blockchain technology allows for a decentralized system of payments and transactions that seeks to transform the bureaucratic system we live under to better the human condition.
             Weber admits that whenever a new financial system has occurred, financiers have jumped at the chance to back this system. Why is this not so with something like blockchain? Why has cryptocurrency become so taboo among mainstream investors and businesses alike? If western capitalism has been so influenced by developments in technology, why is it that we have taken such a hard stance towards this new development? It seems as though individual interests have become too powerful to allow evolution to take its course. We have allowed big business to effectively block out new advancements, and thus, have crippled the spirit of capitalism through lobbied interests in the process.
            True to its form, cryptocurrency is a speculative gamble on the part of many investors. Truth be told, this is what gives it such power in an egalitarian system such as capitalism. The blockchain should allow for newcomers to enter the market, free of the stranglehold of the current system, to carve their own destiny. Weber would be in favor of such endeavors that allow new ideas to flourish and develop within our society. Capitalism was the idea that the smallest totem on the pole could grow to the largest company with innovation and creativity. State socialism and cartel-like monopolies were what we should have avoided, but McWorld and Walmart seem to contradict the protestant spirit. Blockchain is demonized because it is too "radical" according the mainstream financiers.
            As a nation, and as a world, we need to allow technology to grow and define our future. Regulations and subsidies that allow vested interests to flourish will only decay the fabric of our society. This view shouldn't be misconstrued as only supporting blockchain, but rather, it seeks to allow new ideas to flourish within our economy without the fear of lobbied interests crushing them. If we do not let our ideas develop, capitalism will die at the hands of vested interests that would seek to eliminate blockchain, medical marijuana, or developmental drugs, for the sake of the large corporations. The "ma and pa" shop that you love would never be able to survive in this world (and it barely is now). Weber might not have agreed with working beyond the constraints of the current system, but he wouldn't have tried to annihilate change when it rears its head. Capitalism has always been "influenced by advances in technology" (Weber, 2001), and thus we should be open to change as it presents itself.