Thursday, February 6, 2020

'Capitalism is a force of progress for business and society'- Discuss Essay

'Capitalism is a force of progress for business and society'- Discuss - Essay Example Countries like America have ensured that its people make the best out of capitalism, unlike countries that govern their people by using the socialistic system (Murphy, 2007, p.2). There are certain freedoms that capitalism has provided to the people with the help of democratic rights of freedom. They include that as a US citizen one is not bound to one job. If he feels the need to leave it, then he has full rights to do so and no law bounds him from leaving that job (Murphy, 2007, p.3). Along with that, capitalism also provides the opportunity to be self employed by the help of a self-owned business or sell your own goods and services at the price he/she desires. Sometimes, capitalist form of economy and democracy are thought to be considered much adjacent to each other, however in reality it is quite the opposite. The economic growth that the world saw for a quarter of a century may say otherwise after the World War, but after that, the international economy simply deteriorated sinc e then. That quarter of a century of progress made people assume that democracy and capitalism together result in economic growth. But the events later to that growth prove otherwise. The economic meltdown of 2008 itself is a proof for that matter. (Cammack, 1997, p.252) The political rights and school of thoughts determined that in order to make capitalism the primary form of economy, democracy had to be abolished because it gave power to the authority, or in other words power of the weak and poor over the rich. They even warned that capitalist forces may even start a campaign to destroy democratic form of governments to avoid redistribution of the capital. In order to align Democracy and capitalism, it was proposed after the World War that it could only happen if key industries and sectors of the economy were nationalized and a more co-determination by the workers as it happens in Germany. (Cammack, 1997, p.252) Unlike a socialist country, where the state bounds you to a certain s et of jobs and where personal rights are not given at ease. However, capitalism has often been accused of their hypocritical by several critics in a number of ways. One such example of that includes the fact that even though people do have the right to choose their own jobs, nevertheless, it is undeniable that they are always at the mercy of the people who employ them (Murphy, 2007, p.3). When it comes to capitalism and the choice of occupation, the major factor that determines what job a person chooses is the salary (Anderson, 2000, p.24). With capitalism and the inequality that it brings into the economic order, it also creates a remarkable ridge between professions and the earnings that people make from them. For instance, in the United States, a teacher or a doctor earns around $40,000 to $50,000 in a year with most of the expenses going in their mortgages and rents ((Anderson, 2000, p.27). However, on the other hand professional sportsmen earn round $2 million to around $20 mil lion in a whole year, as the interest of several bookies and economic tycoons rely on them, even though they haven’t even graduated from college. The most expenses they have are their agents. Capitalism therefore has induced such in equals in our society where sportsmen are paid much heavily as compared to teachers and doctors. Capitalism is quite difficult to understand at times. This is because on one hand, it gives the people a free market to work in. People

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