introduction to Ethics week 4 (Capitalism) by Umma Salma

Capitalism is a way of thinking which says that as a whole, individual makes better and more well-informed decisions than governments. Individualism and competition are fundamental to capitalism. In a purely capitalist society, individuals are responsible for protecting their own interests in the marketplace and within their communities. The potential success of each individual is also valued. People are encouraged to direct their talents in a way that benefits themselves, such as by starting a business or entering a highly profitable profession.

Individuals who own capital can compete with others to provide goods and services to the marketplace. Those who produce and effectively market goods that are in demand and at a price that people want to pay are likely to succeed. Similarly, businesses that treat their workers well and pay good wages are most likely to attract good employees, which is more likely to mean success for the business. Those who offer inferior service or fail to attract good workers will eventually fail and leave the marketplace. Labour markets make products and get paid for work by the goods and services market that might companies, firms, or corporations, etc. after then sells the products back to the labourers. However, both of the first two markets pay into and receive benefits from the financial market, which handles and regulates the actual money in the economic system. This includes banks, credit-unions, stock exchanges, etc.The means of production and the distribution of wealth are largely privately owned and operated instead of handled by the government. We have a lot of competing businesses, and there’s theoretically varied opportunity in job market and for people to earn their way up and accumulate wealth, at least into the middle class. There are laws and regulations, but the government largely stays hands off and lets businesses compete, merge, etc.

Finally we see obviously know that there are too many advantages in the system of capitalism. On the other hand it also has disadvantages like economic instability, disparities of wealth due to freedom and monopolistic nature of capitalism, neglect public utilities, environmental problems, and erosion of traditional values. As in this economic way Individual ownership of capital and Government’s power is limited to ensure individual ownership by the honest means of the owner’s people can make it the best policy of economy.

In my perspective I think that capitalism should not be practiced alone in one country, this is because a country with capitalism alone will have many poor people and few rich people. Furthermore, a country with capitalism system only will have the poor supporting the rich instead of the vice versa. It is unethical to watch poor people become poorer and rich people become richer. Capitalism is not bad to practice but it should have its limits and help the poor people. I understood that capitalism is practiced widely this days but it’s very rare to see countries practicing only capitalsm.

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