How Capitalism is Ruining College (and the Human Spirit )

(Image Credit: Pang Yuhao/Unsplash)

There are countless valid criticisms of our current economic system, but perhaps few are as tragic as the effect capitalism has had on higher learning. There are a number of things that would seem to operate better without having to build in a profit margin. Sectors like incarceration, health care, and education exist for the good of society; while new efficiencies that capitalism can provide should be welcome, it’s hard to make a good argument that every human experience should justify private profit.

With profits as the only measure by success is judged through the lens of capitalism, we have seen the cost of college skyrocket in recent decades. And why wouldn’t it? Even a basic understanding of demand and supply curves will justify ballooning tuition costs — college is more in demand now that it ever has been, and while new institutions spring up every year, it’s not unreasonable to expect the costs of a service that’s in great demand to increase.

In 1970, tuition costed about $185 a semester. The medium wage was $9,870. That mean that, assuming the median wage is earned in the 2080 hours of full time employment, it would take 39 hours of labor to pay for a semester — one work week. Seems unimaginable.