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Disadvantages Of Capitalism

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The United States economy is one that is ever-changing, and its efficiency is constantly debated over. Capitalism has a vast amount of control over the economy, though in many cases it can be harmful. Mia Waldron defines capitalism as “An economic system characterized by private or corporate ownership of capital goods; by investments that are determined by private decision; and by prices, production, and the distribution of goods that are determined mainly by competition in a free market” (2009). While this seems like a functional system, it has many drawbacks that reinforce the need for a different system or adjustments to the way it runs now. It will be seen that capitalism negatively impacts education, living standards, wealth equality, and creates pollution as well as monopolies. …show more content…

Structural functionalism states that “Within every social structure or system — politics, family, organizations — each member of the system has a specific function. Those functions can be small or substantial, are dynamic in nature (i.e., they can change), and work toward the same purpose: to keep the system operational within its environment” (McMahon 2013:1). There are many conflicting perspectives on the topic of capitalism, and while there are both positive and negative aspects, the latter appears to outweigh the former. Researchers and writers have postulated solutions, but until the government acts the harmful influences of capitalism will exist. Capitalism has negative effects on the recent US economy because it can generate monopolies, harm standards of living, and create wealth inequality, which forms social

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