Introduction
Capitalism is an economic system
based on the private ownership of the means of production and their operation
for profit. Characteristics central to capitalism include private property,
capital accumulation, wage labor, voluntary exchange, a price system and
competitive markets.
Content
1 A lack of consumption destroys the
foundation of Capitalism.
If people decide to save their money
instead of spending it, then Capitalism struggles to survive. People must be
buying and selling goods and services for the economy to grow. Purchasing is
what creates jobs for others. When more people are driven to purchase something
specific, it creates new opportunities for growth. That’s why wealth
accumulation at the top 1% of society can create shortages of income for the
entry-level worker.
2. A first fair chance is not the
same as ongoing equal opportunities.
The amount of wealth a person or
their household controls will dictate the number of chances they have for
success. With enough wealth, your chances are infinite. If you’re born into a
household that is below the poverty line, you might get one chance to find the
success you want. Just because Capitalism offers everyone the same first chance
doesn’t mean that it is a fair system. For many, the opportunities to chase
dreams are momentary at best.
3. If you can’t produce, then
Capitalism says you get left behind.
It is up to each household to care
for the people who are unable to care for themselves. In a true society based
on Capitalism, if you are unable to support yourself in some way, then there is
no responsibility to provide services or support. It doesn’t matter if you were
born with a disability or someone purposely injured you to stop working. You
must be essential to the survival of the society to be important.
4. Capitalism changes the emphasis on
governing.
Because the state doesn’t control
businesses in a Capitalist society, it must generate income from other
resources. That is why taxation is a common element in this type of society.
Private businesses have one large expense: labor. Because they are constantly
forced to innovate, their allocation of resources is always taken away from
jobs when there is a threat to their existence. Then the government taxes the
profits of individuals and businesses to provide social services. At the end of
the day, it is the worker who is most at risk in this society, not the business
or the government.
Conclusion
To conclude all this, we can say there is need a degree of
government intervention is necessary in every capitalism so they can not misuse
their monopoly power and they are not exploit their employees and suppliers for
their own profits So, it’s good to focus on profit
but we must not forget that we live in society and we are the one we should
take care of each other.
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