- Discuss both the advantages and disadvantages of living in a capitalist society. Then, describe how such disadvantages could be minimized.
Advantages: living in a capitalist society will allow you certain rights:
- The right to own private property
- The right to own a business and keep all that business profits
- The right to freedom of competition
- The right to freedom of choice
These rights would be good for people starting their own business and not have the government control what you do or don’t do. It lets businesses compete and have people choose where they want to work. People can also do what ever they want with their money.
A disadvantage is that the governments power is so limited, monopolies might occur. Since businesses can do almost anything they want, one business can take control of the whole industry and make the rules. Also the wealth among people wouldn’t be distributed evenly, meaning that the rich will get richer and the poor will get poorer. Monopoly’s are businesses that take over the whole industry. They aren’t allowed in the US because we allow fair competition among businesses. Monopoly’s are bad for the economy because it is the disadvantage that capitalism allows. It lets the rich stay rich and keeps the poor, poor.
Although capitalism has its flaws, it is better than having a communist government. Cuba is an example of a communist country. Communism is an economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production. Communism is the closest thing to a dictatorship and people pretty much consider Cuba a dictatorship, that was dictated by Fidel Castro. Most people under a communist country suffer economic depression and fear the government. You have no control over businesses and make no profit. This is why a capitalist country is better because you have a chance to have a business succeed. And instead of having most of the people in poverty, you have some wealthy people to keep a steady economy. In class we did rock paper scissors shoe with the chocolates. It was an example of how many people will be wealthy or poor in a capitalist country.
Hello Raul, I thought your blog was very good. You did a great job of being clear on the advantages and disadvantages of capitalism. Incorpirating bullets points was a smart thing to do. The other thing I liked about the blog is that you compaired some of the things about capitalism to communism. I enjoy living is the US a lot more now after learning what it's like in Cuba. Also thank you for explaining the rock paper scissors activity from class. Wasn't sure what that was about.
ReplyDeleteWell hey Raul I also picked question one for blog two. As I read thru you blog I compared and contrasted with my own and I saw that me and you had similar points and references to start off with big business and how they had too much power and how one business can take over a whole industry and that so true and in reference to the four basic rules when it talked about competition I understood more that it is true to have such to keep one from being the main source of that certain products. As I read more you talked about the rich getting richer and the poorer getting poorer that also is so true in the capitalist society we have no true laws to help equalize such profit in each category. But for thought though I really like reading what you wrote but I thought that your ideas were all over the place one time you were saying advantages and then a disadvantage you need to separate thoughts but overall it was good
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