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The Pros And Cons Of Capitalism: An Economic System

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Capitalism is an economic system in which investment and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, rather than by the state. Although nowadays capitalism has been applied as a type of government in many countries, like any other policies it is not described as the absolute solution. So there are some views that estimate socialism as the better economic system since the socialism ensures equality for everyone. However, taken as a whole, usually capitalist countries seem to be more economically advanced and so on the premise that some drawbacks of capitalism are keep grappled with, capitalism can be seen as the best choice for now.
So far, capitalism society accomplished the most remarkable growth in material civilization among all the economic structures humanity ever experienced. Individuals under capitalist system gave full play to their personal desires without any suppressing, and they engaged in lively economic activities in every sector of society. Accordingly, full blown competition between individuals has started, and this opportunity opened up all sorts of possibilities. Under these circumstances, people who didn’t adjust to the rapidly changing business environment and trend were wiped …show more content…

The underlying problem is that the poor has had no proper chance to develop their potential ability. Human often only think about themselves, and the rich, as human, are not always altruistic. So for the people-oriented economic development, the excessive gulf between the rich and the poor should be bridged at the state level, and the old problems of sectional tension also should be improved in accordance with the right to dignity, respect and freedom of every people. Resolving these issues will result in the integration of human communities and the realization of ideal capitalist

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Capitalism: Pro and Con by Phil Washburn is a philosophical debate seeking for reading to determine whether capitalism is a respectable way of society that provides the most sensible format of government for justice to thrive. The author first seeks to analyze the good of capitalism mentioning that it is the most practical answer for the issues that arrive from the idea of Justice. The key factors for the pro-capitalist society is people can succeed and or fail, government allows the economy to proliferate on its own, and most importantly what a person gives to society (making a living for themselves) is what they are able to take from it (profit and consumerism) (Washburn, pg.155). Afterwards, Washburn seeks to counter the argument and writes

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Capitalism is a highly dynamic system which brought immense material wealth to the human society. This essay traces the historical dynamism of capitalism from its minority status to its majority status in term of demand and supply of investment capital. The emergence of capitalism as a mode of production out of pre-capitalist mode of production was fully formed by the mid-nineteenth century (Hobsbawn, Age of Capital: 1848-1875) this in no way implies that it was quantitatively dominant mode of production.

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