The Risks Of Capitalism In Miami

Business is what keeps the world spinning, metaphorically speaking of course. Everyday millions, if not billions of business transactions happen daily. whether it is on the NYSE, Investments (real estate, political transactions), etc. Business’ best friend capitalism plays an important part of the whole structure. Capitalism is a profit based system that the United States, and other countries use to an extent; a system that benefits corporations and the Wall Street “gangs”, while on the other hand makes the common man want more when it comes to materialistic goods in order to reach the “American Dream” or the Leisure class so to speak. This is where consumer culture comes into play; the target audiences for the big companies are the people
I remember I was with one of my best friends from high school Ricky walking along South Beach and seeing the changes since I moved away to come back to Montreal. While we were walking, he made a comment saying “I’ve never seen so many millionaires that make $20,000 a year” to which I laughed so hard I almost chocked on my water. This city is the perfect example of what not to do and the risks of capitalism and consumer culture, especially in a very young city like Miami. When I moved there in 2001, I remember how empty the city was, which didn’t help with its flat terrain. The skyline was small, downtown was just surface parking lots, and people asked me if I spoke Canadian and lived in igloos, anyways, fast forward to 2005 and the city is being invaded by foreign investors. By 2006-2007 Downtown Miami merged with Brickell, so much so that Brickell is considered the “new downtown” or just “downtown #2” due to the sheer amount of condos built between 2005-2008. Although the boom started prior to 2005, the biggest out of nowhere boom that resembled weeds cracking through sidewalks happened during the 2005-2008 time period when according to diagrams on Skyscraperpage.com, a total of 95 structures were built between those 3 years in and around Miami. During this incredible boom, many citizens were taking out loans thanks to low interest rates, and buying condos everywhere, even though they did not have the financial means to buy them. I remember seeing friends of mine who lived at the poverty line rate move into these new condos, in my head I was thinking “your family makes $24,000 a year, yet you guys bought a condo that was $850,000”. That was the new norm in Miami, luxury and only luxury, nothing else unfortunately. It was during that time the middle class was slowly disappearing, or moving out while the others bought new cars, boats, designer clothes, brand new condos in areas they couldn’t