Pros And Cons Of Capitalism Essay

INTRODUCTION

Information from International Monetary Fund (IMF) data, shows more capitalism and less government communism resulted in higher economic growth for 40 countries, between 2003 and 2012. Capitalism is known as one of the newest social systems introduced to the world, and many countries are referring to this system. A capitalist society gives people more freedom in career paths and therefore people are rewarded for working hard which leads to a rapid advancement in the workplace. Instead of the government owning the business’s around the country, people own and run them privately which leads to a greater economy.

Q 1. Explain capitalism

Capitalism is the economic structure that is used by many countries like the U.S, Canada and

A huge advantage is that the economy will provide customers with goods that they want and need at an acceptable price. The sole reason is because people are willing to pay extra for what they want. The exciting part of being the customer is the new innovations that all companies are now coming up with. If we look at some companies such as apple, Samsung, Toyota, these companies are consistently bringing out new goods and services because of the growing demand, tough competition and rewards for popular products. Steve Jobs once stated, “you can’t just ask customers what they want and them try to give that to them. By the time you get it built, they’ll want something new”. The major cons of capitalism involve many problems such as people not being given equal opportunities however the believers of capitalism see differently because they know the harder you work the greater rewards will show. Unfortunately, this is a major problem as people are being left behind in the shadows of the successful in a society full of capitalists. Another unfortunate con is that some major capitalist’s use their power irresponsibly and poorly towards the society, this gives them bad reputations as at the end of the day they are the successful and therefore looked up