Question 1

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 country's trade and industry are controlled by private owners for profit.  Some countries use this method such as the United States. There are many advantages to this but there are also disadvantages as well.  A disadvantage of capitalism is that 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 control everything it allows only a few businesses to be at the top. These businesses can then set their own rules because they then basically control the product.

The advantages are that business owners get to keep their own profit because they are running their own business by themselves. Another advantage is that the government lets businesses compete against each other and does not have control over them. For example if there is two of the same type of clothing store in the same town they have to freedom to do that and compete for the best and more popular business.  Small businesses benefit the economy by opening up more jobs and keeping people employed because there are so many positions available. 

The only way disadvantages can be minimized is if the government takes control. They shouldn’t have absolute control of the businesses but they should definitely have a say if a certain business is over powering all the other businesses like it. For example, many people would rather buy from a well-known business such as Best Buy to get their electronics over a smaller mom and pop shop that doesn’t have as good advertising as Bust Buy.