capitalist society mataiah crossley

Mataiah Crossley

1.    Discuss both the advantages and disadvantages of living in a capitalist society. Then, describe how such disadvantages could be minimized.

               
             The advantages of living in a capitalist society are that they are operated by individuals and are operated for profit. In a capitalist society the government does not decide the prices and/or what to produce. Other advantages of the capitalist society are in the foundation, which are the right to own private property, the right to own a business and keep all that business’s profits, the right to freedom of competition, and the right to freedom of choice. These foundations are great advantages to capitalism. I believe that if you live in a capitalist society there would be a friendlier environment. When businesses are owned by the people and surrounded by the people there’s better communication between the owners and the costumers; much better customer service is being giving. Plus people are always willing to take more risks and that is a benefit of the four basic rights of capitalism. As discussed in class the U.S is a capitalist society and there are many advantages in doing so.

              Some disadvantages to living in a capitalist society are that because the businesses are owned by the people instead of the government, people who own these businesses compete against each other. Now competition is between the people instead of the people against the government. This causes tension between owners in neighborhood. Ways to make the disadvantages not such a disadvantage are having the government come in and regulating certain things such as making sure that minimum wage is set at a certain price etc. Also in a free market the business owner can decide the price to sell their goods and they can over price people so it should be settled that they should have a certain amount of profit but I could be wrong on the process on how that works.