Definition of Capitalism:
An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
Fundamentally without any sources of the internet or using a dictionary Capitalism is a political ideology of where people believe market trading, industries and produce should be powered by profit and run by individuals.
Pros and cons of Capitalism
The advantages of Capitalism are of the following:
. The costs of production will be much less since there is significantly higher control
. Consumer’s choice will be put into aspect when being sold on the market whether economy wise or quality of the produce
. The unemployed rate will be lower. Due to people being driven by profit, businessmen will have it much easier when employing the unemployed. This will also boost economy in countries.
. Qualities of goods will be higher
. It will guarantee economic freedom.
Capitalism is used in many first world or developed countries especially in the Western world. The idea of Capitalism is that if you give more to society then the more you get back. (e.g. If you are a doctor you will average about £150,000 since they are benefiting society greatly and when talking about doctors collectively it creates a huge impact on the population. On the other hand, if you are unemployed and doing nothing for society and living on benefits then you will earn nothing than the exception of maybe government funding). Capitalists believe that this way of society is almost like a cycle. The rich employ the poor. The poor become rich.
The disadvantages of Capitalism are of the following:
. There will be class conflicts. (Lower Class, Middle Class, Upper Class, Etc)
. There will be imbalance and uneven distribution in a population’s economy
. Talents tend not be recognised in the business world if someone is of a lower class
. Employment rates tend to alter making it not too efficient.
. Increase of commodity
Capitalism is also very controversial. The public who want a more socialist movement usually complain about the fact of unfair distribution of economy. Socialists usually believe that Capitalism is a way for the rich to get richer and the poorer to get poorer. Socialists believe that no matter what job or how much you benefit society everyone should get similar wages. When Capitalism is put into place effectively it is inevitable, whether officially or not officially, there will be different classes such as a lower class, a middle class or an upper class. This will result in conflict over time and in Capitalist countries there are ongoing arguments and debates on whether Capitalism is really the way to go in a time like 2019. There are so many different opinions and so much being broadcasted on the media about equality and social democracy. Is Capitalism still the way to go?
By JJ Dodd
P.S I believe in Capitalism and I tried to be as fair as I could trying to give a balanced judgement on this issue. :D