Capitalism A Grossly Glorified Economic System.

1859 words - 7 pages

Capitalism is a socio-economic system that has developed since the Industrial Revolution . It replaced the feudal system and the system of craft skills in the seventeenth century . In the Capitalist system, the production and distribution of goods depends on invested private capital and profit making. The function of regulating the economy is achieved largely through the operation of market forces . Capitalism has had advantages and disadvantages, this essay will explain these, and also give my argument depicting that Capitalism's contribution to society has been more negative rather than positive.The private ownership and free enterprise in Capitalism is supposed to lead to more efficiency, lower prices, and better products. In Marxist analysis, these profits are secured by exploiting workers who provide their labour. Starting from the earliest origins of capitalism, only societies with the capabilities and the appropriate mindset could flourish amidst this period of economic, social, and religious dispersion. It is my opinion that Capitalism has assimilated a certain "way of thinking", driven by greed, the search for ever-increasing profits, worldwide expansion, and internal development. The points presented in this essay will elaborate on this.The idea of capitalism stemmed from Europe in the 19th century . It is an economic concept of civilization that depends upon private individuals or companies investing money in order to make profits. The outstanding historical features of capitalism are its ability to self-govern and its susceptibility for self generated change . For the most part the economy is left to its own devices with little or no Government intervention . It is characterized by private initiative and the private ownership of factors of production. It operates according to the forces of supply and demand, as well as the drive for greed and profit. Capitalism permitted and inevitably encouraged the division of labour , capital accumulation , economic calculation, technological improvement and the voluntary social cooperation of a market economy .Capitalism encouraged entrepreneurship and promoted innovations of new methods. Under Capitalism the consumer sovereignty facilitated by freedom of enterprise allowed people to engage in any type of business. People could take their factors of production to where they got the highest returns. However, from the beginning freedom of enterprise has not altogether been a blessing. In Marcuse's words, "As the liberty to work or to starve, it spelled toil, insecurity, and fear for the vast majority of the population."The upshot of each capitalist seeking to expand his capacity of production leads to the rivalling of capitalists resulting in competition . This competition benefits consumers because of lower prices. It also increases the variety of products available thereby empowering consumers by giving them an extensive range of merchandise to choose from. The freedom of competition is also...

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