1. Discuss both the advantages and disadvantages of living in a capitalist society. The, describe how such disadvantages could be minimized.
Capitalism is an economic and political system in which a countries trade and industry are controlled by private owners for profit. Basically capitalism means that the government doesn’t control businesses, the citizens control them. There are many advantages and disadvantages to having a capitalist economy.
One advantage to capitalism is that business owners get to keep their own profit. This is really good for business owners because there hard work pays off, and they re able to keep there earnings. Another advantage is that the government lets businesses compete against each other. For example if there is one grocery store in a town and someone wanted to open another one in the same town they have the freedom to do that. Other economic systems like Communism have a government that controls everything leaving the citizens zero control over anything. Another advantage is that the more small businesses there are the more jobs there are. Small businesses benefit the economy by opening up more jobs and keeping people employed.
One disadvantage of capitalism is the gap between the poor and rich. There are people that own huge businesses that are making millions and there are people working hard barely making minimum wage. Another disadvantage is that since the government does not have control on businesses that few businesses rise to the top and dominate. Competition can also be a disadvantage because if two businesses are competing for customers one will always make more money then the other, but neither company will be as successful as desired.
The only way disadvantages can be minimized is if the government steps in a tiny bit more. Not saying they should have control over businesses, but they should definitely have a say if a certain business is completely dominating over others.
Erika,
ReplyDeleteI like how to clearly stated the advantages and disadvantages for living in a capitalist society. I agree that there would be more small businesses which creates more jobs. This is very good for the citizens. Like you said, a disadvantage is that some businesses might be dominant and control the other competitors. For that reason, competition is a good thing for the economy. With competition, means lower and fair prices. Prices that are fair will let people go out an buy more items. This keeps money flowing through our economy. But without competition, there will be monopoly’s and prices will sky rocket and people will stop buying items as often. But you did a good job describing how disadvantages can be minimized. Government should step in to keep business from be over controlling. Like you said, government should step in only a little bit because if they get too controlling, they might get too power and turn into a communist government. Good post.
Hey Erika, i agree with what you have to say and think that it was very well done and that you did a very intelligent and well thought out response. It was beautifully written and you did a really good job.
ReplyDeleteErika, this is very well organized and very interesting. i agree with you on what you had to say. over all good job!
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