Capitalism has been the central force behind the growth of the United States’ progressive economy. Within such advanced economic system the chances of economic disparity are significantly high. In fact, over the past three decades there has being a steady increase in unequal wealth distribution among the economic classes. To sustain the current unequal wealth distribution among the classes of the American population, there are numerous factors that influence and shape this trend. For some members of the population it is alarmingly disturbing to know that recent statistics have shown that, “In the US [alone] the wealthiest 1% of its population owns more than the bottom 95 %” (Gutman). As for the difference in economic wealth, it resulted from the defects of capitalism supported by the capitalist economic system that has a high tendency to reward individuals or groups of people who have much capital. Although the American economic system guarantees equality of opportunity for all and is relatively the best economic system to be devised, capitalism enables the wealthiest of the wealthy to disproportionately gain more control of economic capital and increasingly move above and beyond the average standards of living. Therefore, in actuality capitalism does not ensure equality of opportunity for all and would be ideal for the wealth members of society.
Despite the unwavering economic disparity caused by the flaws of capitalism and other dooming views of capitalism, nevertheless it allows:
Businesses [to] organize economic resources to produce goods and/or serviced. The entrepreneurs [can] continuously [form] and [establish new innovations] to discover new and better ways to [efficiently] use resources (Public Affairs Department, Federal Reserve Bank).
Besides efficiently producing goods and services much emphasis is not only placed on making profit but also to create jobs, satisfy consumers’ needs and desires, and to stimulate economic growth. According to Western Culture Global the American economic system is “Characterized by saving and capital accumulation, exchange, profit motive, freedoms of economic competition and economic inequality, economic progress and material self-interests of all the individuals who participate in it” (Western Culture Global). These characteristics of capitalism are vital for a successful development and maintenance of businesses in the Western Hemisphere. With that being said, capitalism encourages a higher standard of living of the overall quality of life in the US, through successful accomplishments of many businesses, corporations, and banks that are the heartbeat of the American capitalism (Ellis). In addition, there are other contributions made to improve the welfare and quality of life in society and that is in the form of charities, grants, scholarships, and other indirect ways by wealthy business owners, banks, and corporations which in turn boosted the development of society and advancing the general...