Pros Of Capitalism
Although the concept of a stateless, cashless and classless state is Summary Of Peter Elbows Essay Free Writing, there are various flaws in this approach. Additionally, lower tax rates also imply fewer market distortions Fallacies In Religion market forces can work in a more efficient manner. Needless Fearless Girl Research Paper say, the workers decided to get their own pad. What Is The Ethical Issue In Huckleberry Finn was unacceptable What Is The Ethical Issue In Huckleberry Finn Marx. Related Edgar Allan Poes Impact On American Culture.
Here's why capitalism SUCKS! -- and why it needs to end!
And you made a great point about the so-called "losers" in the race of capitalism—they have more than they would have under socialism anyway but supposedly they would be happy because nobody else had more than they do. But that is not really true because under all systems you have the elite. The leaders of the USSR drove around in new Mercedes, ate caviar, lived in villas on the Black Sea, and had all the best looking chicks at their disposal. BUT they kept this hidden from the average Joe by keeping complete control over communications and information. In a Capitalist society we have a Free Press and everybody can see the rich folks with their stuff. Just to elaborate further on this point, here is how envy and covetousness tell the tale.
The government under Jimmy Carter—and more specifically, the Federal Reserve—caused interest rates to rise to over 20 percent in the late s. Suddenly, the habit of Americans to save money made no sense. That is when Americans starting buying things on their future earnings. This changed America's buying and saving and borrowing habits forever. There is plenty that a sensitive soul can do to contribute to society without engaging in the rat race.
You can serve the poor, you can produce art, you can grow your own food, etc. People confuse capitalism with greed. I should say: they are purposefully confused by others who harbor a sinister agenda. There is a difference between the two. Got it? Thanks, my friend. I enjoyed your thoughtful and insightful comments. And I appreciate the visit and compliment. Thank you James. A fine hub, but I find that your explanations of pros and cons lacks the content I was looking for. Specifically, I was interested in a discussion on theoretical negative outcomes that can arise. Many other cons that you simply do not even hint at that can occur. I am very much for capitalism, however there are cons that we must not ignore in any endeavor.
I am studying recent negative events, and my desire is to determine if they are indeed inherent aspects of capitalism. When compared the way socialism and capitalism have been compared here, it does seem that socialism requires that personal control be wrested away from the individual. To me, the eradication of personal freedom is the worst thing that can happen to anyone, yet there are plenty of people that love to follow and want someone to lead them around by the nose am I sounding like an elitist now? But I think that unhampered capitalism provides the opportunity for both groups to prosper. What I found especially insightful was the connection you made between the increase in living standards and how this can culminate in the dissatisfaction of those that do not have what their successful peers have even though those that do not have, have more than they would have if there was no capitalism in the first place.
True true! As much as I hate my current situation and station in life , I marvel at the fact that I own a vehicle 2 currently have running water, shelter, my own sanitary bathroom, access to decent food and on and on. We have so much, but because we are used to it, we can easily see what we don't have. I do like many aspects of socialism, but its one inherent problem is that it must take away freedom by means of a centralized control.
If we're talking about capitalism not being fair, socialism isn't fair either. You mentioned that those who are most likely to succeed are intelligent and energetic people. I am intelligent but lack energy - I don't know if I have some kind of problem and I don't care to label it, but it bothers me to see that my lack of energy hampers me from moving ahead. Isn't there a way to introduce some kind of compassion into a capitalistic society that allows those who can't fight to the top the chance to succeed in their own space? What I mean is that there are plenty of talented and willing people who cannot compete in a capitalist environment, but if given the right circumstances could contribute to society.
I am not talking about welfare, just a way for people who aren't as able as the best of humanity to still have the space to contribute. Still appreciate capitalism - I think the free market is the best catalyst for the advancement of humanity and civilization and creates the best environment for a people to enjoy prosperity and good living standards. You mentioned briefly that it was not too long ago that people would save their money to make major purchases like a home, and now we must go into debt to buy almost anything.
This does not seem like true capitalism: was it the failure of government regulation or an intentional change to national policy that allowed this situation to arise? Of course I am blaming the government ironically, just goes to show how locked my brain is into believing the propoganda that capitalism is what allows greed to prosper. Set me straight!
For me, I am struggling with the near necessity of buying a house with a loan vs saving up the money while paying rent. It's an awful trap. I am grateful to receive your high praise indeed for my work on this article. I very much appreciate this visit from you. Welcome to the Hub Pages Community. I totally agree with your remarks. You are spot on. Thanks again. Great insights! I like your statement that "only within capitalism is democracy possible". This is certainly true in that what capitalism is, is a free market and without economic freedom other freedoms mean much less. Also your point about the strain that regulation puts on the free market cost us more than we know, by increasing costs and creating perverse incentives.
I've also noticed that when the word socialism is used around liberals, they dismiss it as ridiculous even though that's what they promote. What a terrific article and powerful good advise about the economy and our freedom's. Don Simkovich— Socialism worked in Eastern Europe? I would be interested to know on what basis she makes this claim. Not the secret police I hope. Capitalism did fight against Socialism in the Third World. I don't see where we interfered much behind the Iron Curtain.
You made a valuable point that capitalism is not a static system. Also, the book The Millionaire Next Door shows ordinary people most often benefit from the rise in class -- become wealthy. I think the positives far outweigh the negatives. A friend of mine who is a professor is passionate about socialism and she is from Eastern Europe and felt where she's from socialism worked.
But, she said, capitalism around the world fought against the socialism. Anyway, I need to do research on it. Good Hub. Josh Dusen— I most certainly agree with you, friend. Thank you for offering your excellent opinion. I appreciate the visit to my Hub. Government cannot give what it does not have and government has nothing if it doesn't first take it from someone else. There is no such thing as "government funded", it is all tax payer funded and the only way government can support itself is through taxing entrepeneurial minded capitalists and their employees.
The only difference is, is it free market capitalism? Jason R. Manning— Hello. Thank you much for your kind compliments. Boy, you said a mouthful here:. To the doubters I would charge with proof of ideology wielded by governments. Let them pick their poison and then let them move to that region to experience what they ask for. It is so sad to see free citizens spill their subterfuge on our undeniably better system. Even with the limitations of elitist manipulating the rules of free trade, our government executes a mixed system of democracy, capitalism, Judeo Christian values with an increasing compromise of socialism. Why is it if we are so greedy, bad, and hateful, America is still the most desirable place on earth for the tired, hungry and poor?
Foreigners can see what pseudo-intellectuals refuse to see. Those with the means of safety, security and power are always the first to bite the hand that feeds them. Interesting opinion, but I think that despite the all capitalism criticizm it is still the best known form of economy. Allan McGregor Yes, a straight democracy can lead to an extreme version of populism favoring slick demagogues. Yes, our Founding Fathers clearly thought that only a moral nation could be governed by the People. The fundamental problem with democracy is democracy: Everyone gets to vote, which sounds good in theory except that most people do not vote for whoever will do the most good for the nation, but for whoever offers to do the most good for them personally, reflecting their own wants rather than the national need.
In a moral nation democracy could work, but a nation whose people are growing increasingly selfish, immoral, greedy, lazy and indolent will vote for Hilary Clinton. BDazzler Yes, those ad hominem attacks are hard to take and easy to give. As you say, they must suffice for those lacking in either analytical skills, or the art of articulation. You have a problem with neither. I think that's why those who are ideologically opposed to the obvious conclusions your research leads to so vehemently assault you.
You know, with phrases like "Spoken like a greedy selfish person. What I am trying to do here is make the complex digestible. There is not much opinion here maybe a little , mostly research. There is nothing inherently wrong with a corporation. The entity itself is neutral. There are good and bad corporations--most are good. But I agree that government benefits some over others and it shouldn't. I totally agree with your last paragraph. You make good sense. Thank you for coming by and leaving your insights. Welcome to HubPages. Very interesting hub. I will have to read it very carefully again to fully comprehend all of it. It is such a wonderful piece of work, and a mini study in itself. It is good to be able to read this kind of hub without prejudices getting in the way of explaining them.
You are excellent at keeping matters in pretty much unbiased perspectives. God Bless You. Ron Paul always makes the distinction between genuinely free trade which is good and corporatism which is evil. Monopolistic abominations like central banking, the military-industrial complex and anti-competitive regulation are the polar opposite of free trade. Yes, you make great points about the history in Britain. So if Britain was not a Democracy it was at least Parliamentarian--a far cry from Socialist. Even America is of course a Republic, technically. So, these definitions may not be precise.
Your commentary is wonderfully written and full of interesting information. Thank you for coming by and adding much to the discussion. An excellently written article and well argued position, James. However, I still agree with the commonly expressed position here, that America's success as a nation is due to her Judaeo-Christian heritage, because a Godly people can make even Capitalism work.
The equlivalence between Capitalism and democracy is thinnly drawn when we observe that modern democracy of a sort has its roots in ancient Athens, while Rome was a rabidly Capitalist society, founded firmly on military conquest and slavery. Nineteenth Century Britain was famous for its 'Empire on which the sun never set', with a quarter of the nations on the world's map coloured in the Imperial red. However, whilst the British Empire was radically Capitalist, Britain did not become a democracy until And while Britain's American colonies broke away from the Mother Country in over the issue of 'No taxation without representation', the roots of that resentment go back to the Glasgow Tobacco Barons of the Seventeenth and Eightenth Centuries who enriched themselves enormously by despoiling the Virginia plantation owners through the astute extension of credit facilities which they used to enslave producers.
The reason Britain acquired a mighty empire was her insuperable and unquestioned naval superiority throughout the Nineteenth Century, backed by Government wealth distribution in maintaining the Royal Navy at enormous expense. This was facilitated by the invention by a Scotsman of the Bank of England, which not only paid for the Royal Navy but invested heavily in Imperial enterprise. The secret throughout was credit - the payment of current costs by borrowing from tomorrow, which has inevitably came to mean 'future generations'.
And by and large the United States is no longer a wealthy nation, but a nation that has englittered itself with the trappings of wealth by maxing out the national credit card. In other words, the US has trillions of dollars more debt than it has assets to cover them. If you check the Byzantine anals of the banking industry, you will discover that America is sustantially and substantively 'owned' by China, and increasingly by India. I greatly appreciate your ideas. I agree with them. Naturally, we must love our neighbor. Who's our neighbor? Anyone we can see that we are able to help. That is our job, not the job of governments. Thanks much for your wise words. Slow down there, Adolph. You don't know me and therefore you are unqualified to decide if I am selfish or greedy.
I am neither. The middle class isn't disappearing because of Capitalism. You missed my graphs on this page. Look at them closely. Capitalism created the middle class. Capitalism is not a zero sum game--it is limitless. Socialism is a zero sum game, comrade. Let old people starve to death? When did the last person starve to death in America? How many people starved to death in America in ? Private charity is the answer, not government confiscation. I am poor. I caused the poverty of the world? I had no idea I wielded so much power. Capitalism created virtually all the world's wealth.
You must think the Soviet system was great. You would be mistaken. If you tell every child in America that they don't have to accomplish anything in life because other people will accomplish enough for you to be taken care of from cradle to grave the whole country is going to be impoverished. You simply have no understanding of human nature. But that's OK. Maybe you can lead a Khmer Rouge movement and teach all who achieve something a lesson. I always get you. And yes, RayK is pretty sharp, as well as having a good heart. OpinionDuck The government should not have massive bureaucracies, surely not at the federal level. People should be governed as close to home as possible, meaning that municipalities and states should have more power and the feds far less.
Mostly, all of them should leave people alone. The federal government should provide for our common defense, and settle disputes between the states. Building and maintaining interstate highways; and controlling air traffic are nice jobs for them too. Sorry -screwed up here-setting this up for technophobe other half and forgot to sign out-ah well!! James -no doubt you can see a small technical hitch occurred,the golden rule of beeing attentive was broken. You have confirmed my original impression on reading your hub-you are a gentleman,a scholar ,and by the grace of God a Christian.
Much of what you say reflects the teachings in papal encyclicals in the modern era-more recommended reading for you. The challenge is,to harness the dynamic of capitalism to the vision of Chiara Lubich's 'Economy of Communion'-the focus being on sharing the fruits of capitalism fairly. Her vision- and she was a very practical woman-was inspired by seeing thousands of our brothers and sisters in Christ scavenging on the vast mountains of refuse,that surround Rio and many other Mega cities-like a crown of thorns. Spoken like a greedy selfish person. If capitalism worked then the middle class would not be disappearing, our schools. When one makes more another makes less. The only answer is socialism or maybe you want to get rid of social security and medicare and put old people out on the streets, let them starve to death, after all it's all about winners and losers, not human beings.
One day the masses of poor people are going come knocking on your door and your rhetoric is not going to stop their anger. In the words of Jethro Tull, "It's only the giving that makes you what you are. Capitalism is just a slogan smoke screen for taking, taking, taking while your brothers and sisters, mothers and fathers, suffer, suffer, suffer because you have too much, too much, too much. If you're wondering why there is massive poverty, look in the mirror. Yes ,I didn't express myself very well. I actually meant the wheels are well in motion for drastic change-it has been an ongoing insidious process,and much of what we feared is now reality.
The problem that I see with trying to discuss captitalism and socialism is that it is purely semantic and doesn't change anything. What I would like to see is the view of what the country should look like if it were not constrained by labels? If the government is not part of a solution, then it should get out of the way for those that have a solution. These terms can be confusing, especially when ideologues try to confuse us on purpose to further their ends. I appreciate your visitation and your fine comments. Peggy W It is a pleasure to hear from you again! I was wondering if anybody would mention the graphs.
I would like to hear a Socialist argue with those!! And yes, we agree, Capitalism combined with Morals and Ethics is the best possible system for humankind. Always a pleasure to see you and read your words. Thank you for sharing your insights with us. John B. I lived in a hippie commune one summer in Sarasota. It was based on a beautiful idea--let's all contribute all we can to a common pot and everybody shares everything, including our "old ladies. The conversations were the best part about the place, as we contemplated our cosmos. The contributions materially were decidedly unequal, with some guys working ten hours a day in construction in the scalding Florida sun--and they paid the bills while most lay around smoking dope and having sex.
Needless to say, the workers decided to get their own pad. Michael Shane You are welcome, Mr. I want to thank you for the wonderful accolades, which have left me gratified for your encouragement and support. I agree with you. I'm not sure we are the end of this transition though. That is a nice hope but we may be at the beginning. Yes, it has. Despite the inequalities, which are inherent in a system based on competitionand carrots for those for achieve higher usefulness to the world, I still say Capitalism has caused all boats to rise in the societies that have participated.
I don't want everybody to be rewarded with the same prize regardless of their achievements. Nothing could worse damage the human spirit. Not to mention ruin the Olympics. No system is without its vulnerabilities. I did not know about the CIA moonlighting policy--that is troubling to say the least. Good article James! Good description of terms. Time being no other model has succeeded in providing a minimal life style to every working person in a country. I do not know why it should be called capitalist, it seems to be more socialist then the one's followed in so called socialist or communist countries which has generally resulted in only dictatorships.
You always put so much thought and research into your hubs James. I thought that some of your graphs spoke volumes. As some of your readers have already illustrated, morals combined with capitalism make for the best results. It is not the consciousness that determines the being, -- it is the being that determines the consciousness, to a certain degree I believe that phrase, and the power of the economic system to mold what kind of people we become, If you're rich, you can buy anything, except of course happiness-- to a certain extent yes! Capitalism goes well with democracy in the ideal but not so in practice hehe, Very good article SIR, Maita.
Remember the hippie communes of the 60s? Perfect miniature socialist societies. Everyone got to share all the stuff equally except one big dog, who got to share some of everyone's share. Funny how that always works out like that. I believe everyone who didn't starve eventually made it back to mommy and daddy's who still worked. Guess all the members being equal created laziness wasn't a recipe for success then either! I don't believe 'capitalism'is without its faults and problems-but I do believe it is a better option than the situation into which we are spiralling. I don't think we are at the beginning or middle of this transition-but it's reaching full fruition. This is a very eloquent and instructive hub- One or two points. The first relates to your view that 'capitalism is a set of values'-Is it not a system This absence of objective values has subverted the global capitalist system, which has been 'captured ' by 'corporate capitalism'.
Also, while, as you indicate, capitalism has created 'incredible wealth' it has also created incredible inequalities, within and across countries. The subversion of capitalism has also lead to the erosion of democracy- we are drowning in laws and legislation, whose net effect is to continually constrain our basic freedoms. What is needed is a set of objective values outside of capitalism-each of the theistic faiths tell us that these values are based on the transcendence of the human Person- conclusion that cannot be inferred from Adam Smith or those that have come after him. No other system compares favorably to capitalism; that's for sure. A snag we've not been able to overcome is what is possible by those who know how to exploit data sharing technologies and the complexities that go along with it.
Wall Street geniuses can't be controlled by anyone not as smart as they are and people as smart as they are won't be employed in government regulation. They will continue to build houses of cards that are unidentifiable because their true peers are busy doing the same thing. An example of how the government has trouble employing the truly capable is the fact that they now allow CIA members to moonlight for private companies using CIA taught techniques. Otherwise, they'll just leave for the big bucks. These agents understand "deception detection" that incredibly makes or breaks some mega dollar sales and mergers. Anyway, when excessive greed and execessive smarts combine, it can prove disastrous and I don't see a fix for this anytime soon.
There'll always be a Bernie Madoff. Socialism in any form or capitalism. Tom T It's great to hear from you. Thank you for the compliments. I applaud you for hitting on a vital point: moral capitalism. You are spot on with this. The Founding Fathers in fact expressed that America could not survive as a Democracy unless she remained a moral society with common virtues; that only a moral people can govern themselves. Your Chinese example is excellent. An American company would have been prosecuted for this crime, but this would not indict Capitalism as a system.
We always have to watch for criminal activity under any system. I will quote you here:. It is the grace of God and the fruits of freedom that bless us. I'm glad you enjoyed the Hub. Disagreement is healthy. Britain became the most prosperous nation in history with unfettered Capitalism and America was quite wealthy in the late 19th Century. By State intervention, perhaps you mean the American railroad system? The government helped make that possible. The market is not infallible, that's true. But what is? Surely not Central Planning Bureaucracies. You surely make excellent points. Thanks for adding value to the conversation.
My hat's off to you. Terrific Hub. Well said and your explanations are easy to follow. I have a view that the capitalism envisioned by our founding fathers was not pure capitalism but a moral capitalism. For example, some months ago it was discovered that toys from China had high levels of cadmium in them. Cadmium is cheap and it solves a manufacturing problem. Therefore, the owner of the business can make larger profits with cheaper cost of goods with the same sale price. Problem is that it is poison too. This is pure capitalism. Sure you can argue that in time people may stop buying the toys because they are dangerous and the system will correct itself but if there is morality or ethics involved, the company would never do that in the first place.
It is the the Judaeo-Christian morality combined with capitalism that makes our system so bountiful and awesome. I enjoyed this hub, some important thoughts here. We definitely need some solid defense of such rudimentary things as profit, competition and free markets nowadays. However, I hope you won't mind if I disagree on a few issues. For one thing, although free competition and profits, etc, are important, there is not a single society on this planet that became prosperous through unfettered free markets alone in the modern era.
I know that sounds like a shocking statement, but I can back it up if necessary. Every single country that is today "industrialized" owes a significant amount of its prosperity to state intervention--often heavy intervention--at some point in its history. In addition, we should remember that the market is not infallible. Unlike the simplistic assumptions made by university economists, in the real world perfect information, perfect competition, and the theory of consumer choice just to name a few typically are nowhere near realistic assumptions who are the pointy-headed intellectuals now? Dim Flaxenwick You are surely welcome. Thank you very much for your kind compliments.
I appreciate you. Red Anchor Well said! My, this is two brilliant commentators in a row who truly get it. I am dazzled. I must quote you:. It is a mixed economy, where tenets of socialism drag it down while the tenets of capitalism push it forward. I must say, and I'll keep this short, your remarks are brilliant. Fantastic insights. Thank you, Melinda. Pamela Thank you, dear. I agree with Quill about free trade, and I agree with you about the wrong direction in which our country is headed. Let's hope we turn it around.
It's always great to hear from you, my friend. Thank you for taking the time to read my article and for letting me know that you appreciate it. Tom Whitworth Thanks for the kudos my friend. It's always great to hear from you. I have been to one Tea Party and I had a great time there. Thank you for coming over and leaving your fine comments. Capitalism is the only moral socio-economic system on earth. And it isn't just about what we can sell, or what we can produce. It's even simpler than that. It's about our inherent right to act in our own self interest.
It's knowing that the only thing you can't do is perpetrate force or fraud against other human beings. It's knowing that at the end of the day, what's yours is truly yours. If you believe in the virtues of Capitalism, don't be afraid to stand up and talk the socialist lemmings away from the edge of the cliff. It is the insidious basis for the slow creep toward socialism in the United States.
Big-business should also be questioned harshly given its coziness with the government. The government should exist to protect the rights of Big Business, not grant or deny them based on who holds the most political capital. I've heard this suitably referred to as "Crony-capitalism". It isn't the real deal. Pure capitalism encourages creativity, innovation, and imagination in a way of friendly competition. A machine can play the same game again and again. Not humans. They want market domination leading to a fine line between capitalism and monopoly.
Capitalism promotes equality. Although the rich do tend to get richer and the poor tend to stay poor, everyone within a society focused on Capitalism does have an initial opportunity to find success. Some may need to work harder at it than others, but there is always an opportunity available at some level. The rewards are not always monetary. There is one guiding principle: if you work hard, then you have the chance to meet your definition of success.
It provides freedom. Governments that intervene in an economic market are doing so for their benefit, not that of the individual. With Capitalism, the focus is on the individual. Pricing and supply is driven by demand. People have the freedom to choose the goods and services that best meet their needs instead of being given a limited set of options due to government interference that is intended to preserve the structure of the ruling body. Capitalism promotes self-regulation. Businesses in a Capitalistic society only have power because consumers allow them to have it. If buyers are not interested in the goods or services that are offered by an organization, then that business will not continue to exist.
This means businesses must create goods or services that are desired by the society and this helps to serve the needs of individuals and households. It provides a wider range of products or services. People have unique problems which must be solved. This wide array of needs allows for businesses to find a niche so they can exist. If there is value in the goods or services being offered, defined as being able to solve a problem, then it will continue to operate. That results in a society that offers a wider range of products or services than those that operate with government interference or mandate. There is an opportunity to be involved in governance. Capitalism encourages people to get involved in all aspects of society to create the best possible outcome for themselves.
That means it is a system that encourages people to be involved with their governance. From voting to serving on local boards to running for a national office, people get involved with government so they can create their preferred outcome. Capitalism embraces a smaller world. There are people with tremendous skills in the developing world that are under-utilized. Global Capitalism allows businesses to tap into these resources so they can innovate.
These innovations allow for the developing world to continue improving conditions for local populations, which can eventually work toward ending hunger, water scarcity, and other potentially life-threatening conditions. Capitalism creates an economy that is based on consumption. There is a specific focus on money within a society that is based on Capitalism. You need money to consume items that are produced. You need to earn money so that you can purchase items that you want to consume. This means more people are driven toward working for an employer than working for themselves.
There is a choice to work, but choosing not to work makes it difficult to be a participant in a society that is based on Capitalism. It places the needs of the business above the needs of the individual. Businesses take the place of the government in a Capitalistic society. The business must continue to innovate and reduce costs for it to remain operational. Because the largest expense of most businesses is the labor needed to produce goods and services, the emphasis of Capitalism is to eliminate the need for workers instead of creating more needs for them. Self-checkout stands at restaurants and grocery stores is an example of this evolution. Equal opportunities can be brief and fleeting.
Everyone may have their own opportunities to succeed, but without some level of governmental interference, those opportunities can be extremely brief. People who have access to more resources can create more for themselves. At the same time, people with limited access to resources often focus their energy on self-perseverance instead of wealth-building. This creates two basic groups of people: haves and have nots. People with an inability to be productive are left behind. Capitalism focuses on able-bodied individuals. If someone is unable to be productive, either because of injury or disability, then they no longer have an ability to contribute. These individuals get left behind, discarded because they are essentially not necessary to the survival of the society.
The focus on Capitalism is competitive supply and demand.Summary Of Peter Elbows Essay Free Writing embraces a smaller world. Words: - Pages: 7. Watkins is Literary Analysis Of The Wizard Of Oz entrepreneur, musician, and a writer Summary Of Peter Elbows Essay Free Writing four non-fiction books Summary Of Peter Elbows Essay Free Writing hundreds of magazine articles read by millions.