1) Capitalism is an economic system that some countries use like the United states. It simply means that all business related procedures are not regulated by the government but instead by the private owner themselves. WIth this being said the disadvantage are you are not protected by the government so at the same time you can be taken advantage of by your privately owned employer. Since the government does not regulate things it allows only a few business to create a power house. These power houses can then set there own rules because they then basically control the product. For example when the iphone 4 came out it was $200 and had many malfunctions. Steve Jobs then went on air and said he will not be giving refunds and if you wanted to buy one you can but if you didn't it wouldn't affect him. Though examples like these are not a true monopoly it is like the saying the rich get richer while the poor get poorer. Some advantages are you can do what you want and have control over your own product. You can take a simple Idea and become extremely wealthy off of it. The government can not tell you how much and how to make your product. While doing this your creating competition. You can set prices and standards that others and yourself have to work to get to and maintain. This is good for the economy because it creates and incentive to work harder.
I think to truly minimize the disadvantages we need to look at a new economic system. For instance if you look at Canada. Canada had never privatized their banks like the United Stated did. They have government regulation on their banks. The U.S. privatized their banks. When the U.S. did this it gave wealthy bank investors the power to do as they pleased. These investors like anyone would be are only interested in there own finical gain. They gain money off of interest so they can give out faulty loans they know will fail to make money off interests. So to cut down on the disadvantage I think we need a mixture of capitalism with some government enforcement.
Hey man, great blog! You made some really great points on capitalism. The way you portrayed the disadvantages was really good. I really like how you used Steve Jobs and the iPhone 4 as an example it put the whole idea into a relatable perspective. I agree with 100% on the cliche saying of "the rich get richer while the poorer become poorer. That is the way the system is set up, although, there is always the opportunity to become a business owner and become wealthy. Putting this idea into motion is really a huge risk that may not be worth it for a lot of people. Also, your idea about fixing capitalism flaws i agree with completely. We definitely need the drive capitalism gives to make people work hard and try and become wealthy. But in addition we also need a government suppling a bit more structure and support so that creating a small business won't be such a gamble.
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