Aug 06, 2017

The benefits and shortcomings of a capitalist economy

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The benefits and shortcomings of a capitalist economy

I prefer the writer who did the SECOND revision for the order #00017427. Please please don`t refer to the writer who did on the first revision of that order. Essay questions/reading lists are uploaded so please refer to them. Professor hinted me that it would be helpful if I refer to the last two readings (Adorno and Ji Hee Jung`s readings) when I deal with questions. Thanks in advance.
The benefits and shortcomings of a capitalist economyName:CourseInstructor:Institution:Date:The benefits and shortcomings of a capitalist economyA capitalist economy is an economy in which a person has all rights to invest money, to buy and sell goods, to do business, without any restrictions from the state. It is based on the private ownership of the means of production of goods and services for profit. It is one of is one of the many important ways that an economy can be organized. It is a form of market economy where production and investment are privately controlled, and any work of production is carried out by the employees (Lenin). Human energy in the form of labor is labor and human expression in the form of the desire capitalism is one of the greatest ways that an economy can be organized and provides long lasting benefits to all the people in the society, a country or an economic area. On the other hand, capitalism can have some shortcomings as any other form of economy. The basic thing is to focus on the positive side of the economy and try to substitute it with other good of different economies so as to ensure that all the people are thriving towards economic stability. One of the common questions is the problems and the shortcomings of capitalism economy. Capitalism like any other form of economy has shortcomings (Lenin). Some of them include;InequalityThe benefits of capitalism though many of them are rarely equitably distributed. Wealth accumulated by only a small group of people hence the demand of the luxury goods often limited to have a different problem to the whole percentage of the workforce. There are those who will maximize the benefit of capitalist economy and continue to grow richer while the other class will continue to be poor and poorer.ImmobilityPutting in mind that capitalist, in other words, define a free market economy, factors of production are supposed to be able to easily move from unprofitable sector to a new profitable industry. In the real since this is always difficult. A person who becomes unemployed cannot just fly or move to another city to seek for employment. A capitalist society then sees long periods of unemployment and joblessness.Monopoly behaviorCapitalism, as stated earlier, sees a certain class becomes richer while other classes remain poor. This can be explained in other words as a boost to monopoly. Some firms, due to capitalism will monopolize the production, management of certain goods, marketing, selling and buying of goods and services and this exploits the customers through charging of higher prices. Firms gets monopoly power and ends up paying lower wages to their employees.Capitalism is based on psychological model which is fundamentally flawed. It disrupt the tradition of human interaction thus bringing, “spiritual poverty”, because it devastate the original cultures and knowledge. People tend to think of profit and wealth more than other fundamentals of any society. As peopl...

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