Show MoreDiscuss your own impressions of what Capitalism is.
My personal view of Capitalism is the freedom of choice to use your property any way you choose to use it. We as Americans have been giving rights to this choice. According to Murphy, That is why it is also known as the free enterprise (or free market) system, because it allows people freedom to choose: freedom to choose their own jobs, freedom to sell their own products at whatever prices they like, and the freedom to choose among products for the best value. (pg.1) As Americans, we have taken advantage of this freedom. We can work in whatever job that we love regardless of qualifications. Like many others, this choice has giving us the ability to make a living for our family.…show more content…
The right that we gained was through the eyes of Capitalism. Why do professional athletes make more money that the average American worker? If you look at morals today in our society, we measure the roles of people. Even though we know that, the need of a teacher is great for the education of our children and us. There is a greater desire to be entertained by sports events or some other form of entertainment. Many people spend much of their money on their priorities in life. Only after they pay for the essentials things can they spend the leftover income on less important things like entertainment, eating out, and the like. (Anderson, 2000) For example, the average salary of a teacher is around $40,000 to $50,000 a year. A professional athlete makes on average according to the article “on average, they can earn from $2 million to $20 million per year. Moreover, some of them may not have ever graduated from college. The majority of them are also not responsible for anyone else, except maybe their agents”. (DeBlieux 2010) So the true question is why do we support the athlete more than a teacher or doctor? Doctors put many lives in their hands day by day. Teachers teach the student for them to learn and make a better of life.
Capitalism in our Environment
Capitalism can only do two things to our environment. Save it or destroy it. According to so environmental activist the markets unfettered greed led us to the near extinction of the buffalo and the
Economic Systems: Socialism And Capitalism Essay
I have observed that when Americans discuss the relative merits of socialism vs. capitalism, the chief debates that come up are
• What would happen if we remove the stimulus for innovation and productivity that a free market generates? This implies having a free market including individual ownership and control, and to varying degrees a laissez-faire government.
• Would it be possible to have a thriving society in which we would not have 20% of the population living in poverty and without adequate healthcare, housing or economic security?
Fundamentally, we characterize and differentiate capitalism from socialism by the way they handle production (industry), distribution, and exchange (trade) of wealth and goods. In capitalism, capital (or the "means of production") is owned, operated, and traded for the purpose of generating profits for private owners or shareholders. Capitalism emphasizes individual profit rather workers or society as a whole. Socialism emphasizes profit being distributed among the society or workforce to complement individual wages/salaries (“Capitalism vs Socialism - Difference and Comparison | Diffen”).
Capitalism grew out of mercantilism and the end of feudalism—in particular the growth of urban centers and allowing individual property rights. Up until the 12th century, less than 5% of the population of Europe lived in towns (Beattie). When it became possible for individuals to own land and tradespeople to earn real wages, this encouraged more people to move into towns where they could get money rather than subsistence in exchange for labor. Individuals (including both nobles and now tradespeople) were now able to purchase good on their own, leading to further growth of industry.
The industrial revolution lead to an explosion in this lifestyle. However, by the middle of the 18th century, capitalist and industrialized countries, such as the US and Dickensian England, began to see the negative effects of capitalism in poverty caused by unskilled laborers earning a poverty level subsistence and the aggrandizing wealth of the owners of the factories where they worked.
It was also at this time that monopolization became widespread. Eventually, incorporated entities became able to perform many of the actions of individuals such as being able buy and sell property, hold patents, sue and be sued, etc. (Peavler).
The philosophy, such as proposed by Adam Smith, came to be that an economy has a natural design. Left to its own devices -- and removed from politics, religion and all other pursuits -- it will regulate itself as long as no one throws a spoke in the wheel and everyone benefits. The government's only real role in capitalism became to maintain peace and order so the economy can work without interruption (Newman).
In its purest sense, a socialist economy communally controls the production, distribution and exchange of resources. This community control is implemented by the state through a central government acting on...
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