Over the years, many economic systems have become prevalent and been subsequently debunked due to man’s quest for progress, yet none of them has lasted as long as capitalism.
This economic system, as defined by Scott (2006), is “…a system of indirect governance for economic relationships, where all markets exist within institutional frameworks that are provided by political authorities, i.e. governments” (p. 2). Because of its unique characteristics, capitalism has frequently faced countless criticisms and many of its detractors have tried to discredit it and its efficiency. Nevertheless, the fact remains that none of them has yet to succeed and capitalism continues to be the prevalent economic system in the world today. In the end, it still
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This opportunity to earn
creates pressure for them to be more efficient and innovative in producing commodities that
would entice customers to purchase from them. Hence, as capitalists continue to innovate,
consumers could now be provided with more options, resulting in greater chances of earning for
capitalists and quality products and services for consumers. Moreover, since one of the central
ideas of capitalism is to promote economic growth and encourage people to innovate and
exercise free will in the market, it is not limited by any constraints as long as the changes to be
made to it are constitutional and seek to improve the quality of life for both capitalists and
consumers. Resultantly, capitalism transforms each and every place around the globe (Robinson,
2012, p. 6-7). A considerable example of this would be the United States which is regarded as
one of the leading countries in the world today. It was built upon a capitalist society and is
currently maintained by the same system. From being a colony of Britain in the eighteenth
century, it became a powerful country due to the economic progress generated by