Capitalism is a morally objectionable system that exploits workers and ignores the neediest global citizens. This is because it focuses on profits to the employers more than the well-being of the workers. Therefore, the wage rates of employees are very low in a capitalist setting. Comment by Microsoft Office User: You should combine this part with the second paragraph. And, bring out a clear thesis in the first paragraph.
By definition, capitalism refers to an economic system whereby trade and industries in a certain country are controlled by specific individuals or private owners whose main aim is to make profits. The means of production are privately owned by either few individuals or the government. The property owners are responsible for making decisions, but prices are determined by the level of competition in a specific country (Myers, 2014). The benefits of capitalism are that it makes people work harder in order to earn a living and also enhances economic growth. Comment by Microsoft Office User: What relationship is between these two arguments. A clear thesis needed in the paragraph.
Capitalism brings about unequal distribution of wealth since few individuals gain a lot of wealth while the majority of citizens remain very poor. People living in capitalist nations often become too materialistic. The system also increases the level of unemployment and brings about social alienation (Slaughter et al, 2017). Those who have managed to acquire wealth often segregate those who are poor. The working conditions of employees in a capitalist nation are often very poor since focus is only on profits. Comment by Microsoft Office User: You can expand more and provide more examples about how people are alienated by capitalism.
The prompt which I find personally compelling is that capitalism leads to the development of a nation. This is because individuals work harder in order to achieve greater things such as having more economic power. As mentioned earlier, capitalism enhances economic growth of a country. However, capitalism may lead to war due to the stiff competition for resources and markets among the few individuals who own the companies (Tienhaara, 2014). Comment by Microsoft Office User: You should use the quotations from the textbook to prove that capitalism can actually make a society wealthier.
Capitalism can also be compared to slavery since it does not take into account the well-being of employees. Trade unions in a capitalist setting are more than in a communist setting since the wages of workers and working conditions are normally less considered (Tienhaara, 2014). Capitalism focuses more on making profits and wealth creation for few individuals. Comment by Microsoft Office User: Good start of a paragraph, but you just need to fill more information into this section.
Although it is okay to focus on profits and wealth creation, it is also good to consider the well-being of workers and the needs of citizens. Capitalism would be the best system if it also focused on the conditions of workers. Comment by Microsoft Office User: Don’t forget indenting at the beginning of every paragraph.
Myers (2014). The capital structure puzzle. The journal of finance, 39(3), 574-592.
Slaughter et al (2017). Academic capitalism: Politics, policies, and the entrepreneurial university. The Johns Hopkins University Press, 2715 North Charles Street, Baltimore, MD 21218-4319.
Tienhaara (2014). Varieties of green capitalism: economy and environment in the wake of the global financial crisis. Environmental Politics, 23(2), 187-204.