The Pros And Cons Of Capitalism

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Depending on who you ask, you may get different responses to capitalism. A socialist or communist will more than likely condemn it, whereas a capitalist will praise its values. However, ask all three the question is capitalism exploitive and they will say yes. It is a well-known fact that exploitation is one of the main features of capitalism. This is evident throughout history, where the people at the top exploited the labourers to make a better profit. The ruling system in capitalism and its features like private ownership make it very easy for someone to take advantage of the system and end up exploiting others.

But what exactly is capitalism? Capitalism is the main economic system that rules most of the world. The system is –in short- when private entities own the four factors of production. The four factors of production include capital goods, entrepreneurship and natural resources – which are all controlled by companies- and finally labour, which the individual owns. We can of course think of multiple examples of capitalist companies that exercise these same four factors of production all over the world. However, unlike any other economic systems such as socialism and communism, capitalism is unique in its allowance for adaption, and so many different societies tend to develop their own unique rules and processes that largely reflect their cultural requirements. Even though each countries regulations differ, they all share “ownership of the means of production by

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