Essay about Economic System and Capitalism

Submitted By LizPain1990
Words: 534
Pages: 3
Open Document
Critical Commentary
INTRODUCTION
It is my belief that the majority of people in my group (4) agreed with my opinion, and argued for capitalism, and rather than entirely agree with the statement “Capitalism benefits everybody” argued that capitalism benefits the majority.
ARGUMENTS FOR
Within the boundaries of ethical reasoning I put forward the following arguments that in its core principal, Capitalism is just, as it allows freedom of choice, creates opportunity and an equal playing field (in theory) for people to generate their own wealth. Second Capitalism allows people to be secure as they hold bargaining power through ownership of property and possessions. Further more from a Societal perspective Capitalism = Freedom of human choice, freedom is arguably one of the most important factors attributing to a person/communities quality of life.
Another argument I put forward for capitalism is that it aligns with human nature, that is that is humans wish to acquire, or in other words it is human to be ‘greedy’, for this I received rebuttal, a number of students argued that capitalism promotes dishonesty and ‘the sacrifice of many to benefit a few’, however I argued that I agree there is the element of human nature to act dishonestly and be ' greedy' however it is a decision between the lesser of two evils, at one end of the scale say; communism, there is no such drive to achieve which has a far greater negative impact on society as a whole.
ARGUMENTS AGAINST
However it is clear throughout the conversation many students including myself agreed that capitalism if allowed to run completely free with no restriction would not be so successful, we agreed that it would take a fine balance between capitalism and the use of government policy to create a successful economic system. I gave the example of, Australia, is a Mixed economy whereby there is free enterprise but the government attempts to control the negative effects of capitalism through social security. Pure Capitalism (which does not exist) would possibly fail to benefit the majority as in every society part of the community will not be able to be self sufficient enough to earn a wage to
Show More

Related Documents: Essay about Economic System and Capitalism

Similarities Between Capitalism And Socialism

terms “capitalism” and “socialism”, when you are studying economics. But, did you know that there are different models within capitalism and socialism? Yes, there are certain models based on whether the country’s economy is market oriented or socialist in nature. In the present times of recession and fiercely competitive market environment, it is very interesting to know the nature of different economies in the contemporary global economy. Before we learn about the different models of capitalism, let…

Words 3850 - Pages 16

Essay on Economic and Political Systems

Economic and Political Systems: Capitalism vs. Socialism The political spectrum has played a vital role in economics. For centuries, governments have disputed over numerous economic systems which they consider to be the most suitable, in order to develop and grow today’s nations. In recent years, there has been constant disagreements between left wing and right wing leaders and supporters, for example in Latin America, which has resulted in many economic, social and political problems. This…

Words 952 - Pages 4

Essay on Capitalism

Capitalism Capitalism is an economic system base on three: wage,labour, private ownership or control of the means of production and production for exchange and profit. Capitalism is based on simple process, money is invested to generate more money. When money functions like this, it functions as capital. For instance, when a company uses its profits to hire more stuff or open new premises and so make more profit, the money here is functioning as capital. As capital increases that is called…

Words 557 - Pages 3

Capitalism In Canada

Capitalism is the economic system that is most prevalent globally. It is a system in which the consumers drive the prices of goods and services without government influence, known as the free market. Dating back to the colonial era, it has been said that capitalism had its origins in mercantilism which was the economic system of colonialism. Colonial powers profited from the raw goods, land and labour collected from the colonies. It is important to note however that although the consumer has a significant…

Words 1924 - Pages 8

Adam Smith Vs Marxist Analysis

Economic systems are established in society to stabilize the means of production and intended to allocate its scarce resources in even distribution. Two of the most prominent systems that have manifest great significance on an intercontinental premise are capitalism and communism. In order to satisfy the reciprocity of goods and values, resources must be sacrificed or given in exchange for the desirable or necessity. Through a multitude of novels, pieces of literatures, and economic reflections,…

Words 516 - Pages 3

Capitalism: Capitalism and Industrial Revolution Essay

` Capitalism is the economic and political system in which a country’s trade and industry are controlled by private owners; these owners are the capitalists, using their own proclaimed wealth to propel the investment of further wealth. The word capitalism comes from the word “capital” meaning something of value, generally, but not necessarily money. “Capital” originates from the Latin word caput, meaning “head”, which was used to mean how many head of cattle a wealthy person owned. Economics surrounding…

Words 983 - Pages 4

Capitalism In The Bible Analysis

defines capitalism as "an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, especially as contrasted to cooperatively or state-owned means of wealth." Although the Bible does not mention capitalism by name, it does talk a lot about economic issues. For example, the whole section of the book of Proverbs and many of the parables of Jesus deal with economic issues…

Words 931 - Pages 4

History Of Capitalism

Michael Choi Economic System Part 1 Socialism Capitalism Description of the system -an economic system in which the means of the production are either state owned or commonly owned and controlled cooperatively; or a political philosophy advocating such a system -an economic system in which government sees to it that people work for the common good until they can be relied upon to do that on their own. -an economic system in which the means of…

Words 645 - Pages 3

Essay on Does the Capitalist Free Enterprise System Improve Justice in Society

capitalist free enterprise system improve justice in society? In what way does it do so? In what ways does it not? Explain and defend your overall conclusion? “Capitalism can be defined ideally as an economic system in which the major portion of production and distribution is in private hands, operating under what is termed a profit or market system (Shaw, Barry, & Sansbury, 2009, p.127).” Over the many centuries, capitalism has evolved from the emergence of capitalism during fifteenth and sixteenth…

Words 2170 - Pages 9

What Is Capitalism And Her Speech America's Persecuted Minority: Big Business

Wealth of Nations, the idea of Capitalism built Europe, America, and the world up to levels of prosperity and abundance never before seen in human history. Ayn Rand knew this and by looking through her work Atlas Shrugged, her essay What is Capitalism, and her speech America’s Persecuted Minority: Big Business, it can be seen that Ayn Rand wanted Capitalism to be defended as it gave the tools necessary for the few exceptional individuals to reach their potential. Capitalism allows these remarkable individuals…

Words 1075 - Pages 5