Capitalism
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
Pros
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.
Cons
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
Points: 8
Reviews: 42
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