Capitalism : A Better Economic System For America Essay

The Industrial Revolution of the eighteenth and nineteenth centuries was arguably the most important turning point in history. It transformed the manufacture of goods from craftsmanship to commercialism, exponentially increasing output and decreasing production cost leading to prosperity and an unprecedented supply of goods for the markets of the world. Industrialization and mass production was the fuel which ignited the flame of capitalism which was already established creating bringing sweeping changes in wealth and its distribution. Within a few generations the very fabric of society was virtually remade as millions left the farms and villages of the countryside for jobs in the cities. This monumental change did not immediately sweep

A Capitalist Economy vs Socialist Economy There are a variety of economic systems today, which can influence how prosperous we will be as individuals or as a group. Socialism is an economic system where the government will be greatly involved in the economy. In a socialist economy the government can control many industries, provide public institutions such as health care and education, and equalize incomes of the population. A socialist economy is one of low unemployment and stability, where the government sets production quotas and price regulation upon their perception of the needs of the economy.

nation's great cities and as oil refining rose so did the popularity of the automobile. With these

Free-market and Command economy are the two-major economy system. It has sparked years of controversies among individuals over which system is better. However, no agreement has been reached. Meanwhile, it is obvious that free-market economy predominates all around the world as the majority of countries are following an economy which free-market process the dominating position.

The market model of economy, developed by Adam Smith entails a freely flowing economy that places little or not restriction on occupation allowing individuals utmost rights. America took on an ethos of a mixed economy of market and command that struck a successful economic equilibrium. American economy also changes with different periods of history. The Civil War had lit the spark of industrialization needed to enhance the American economy. Technology advanced by leaps and bounds and free labor was done away with to make room for Industrialization and Adam Smith’s market model of capitalism. Capitalism was a promoter of the entrepreneur and individual success. It was only natural that during this time of private interest the gap between rich and poor would be greatly widened and a state of disorder might arise. Capitalism was a new ideology and drastic labor problems and social disorder arose because Americans were simply adjusting to (and taking advantage of) the new system.

     Throughout history, there have been many systems developed in order to have a better society. Two of the most analyzed, and debated systems that have tired to change an economy for the best are communism, and capitalism. Communism, and capitalism have been compared on many levels, such as why they will or will not work, and which one works better. Throughout this essay I will concentrate on the differences, and similarities of how each operates, along with the benefits, and problems that each of them produces.

“The population of unemployed and underemployed explodes. There is a vicious circle here. Because so many seek work, wages are very low. Because one wage cannot support even a small family, more and more family members must seek employment. This move adds to the pool of labor and further depresses wages.” (Syracuse U. Press) Further, if wages begin to rise in one country, other countries seize the opportunity and lower their wages even further. With this cycle of falling wages and more and more people needing jobs, poverty increases drastically. With wages so low, the owners of these large companies get richer and richer—the vast majority of wealth in a country becomes concentrated in one small group of people. While this is good for those few, the vast majority of citizens are shorthanded. Capitalism is an excellent system for the elite and for increasing efficiency, but as far as providing for the needs of all of its citizens, it falls short. Thus, capitalism is a system that causes and perpetuates poverty, and exploits its lower class.

Karl Marx, in the Capital, developed his critique of capitalism by analyzing its characteristics and its development throughout history. The critique contains Marx’s most developed economic analysis and philosophical insight. Although it was written in 1850s, its values still serve an important purpose in the globalized world and maintains extremely relevant in the twenty-first century.

By definition, Capitalism is an economic system controlled chiefly by individuals and private companies instead of by the government. In this system, individuals and companies own and direct most of the resources used to produce goods and services, including land and other natural resources labor, and "capital". "Capital" includes factories and equipment and sometimes the money used in businesses (Friedman, 5).

As citizens of the United States, we are members of the leading capitalist economy in the world. Our production and distribution is mostly done privately and we operate in a “profit” or “market” system. The capitalist system has been a target for criticism throughout the last three hundred years and is being discussed now more than ever due to the recent recession and financial crisis (Shaw and Barry n.d., 1). Its effects,

Comparisons between countries and regions before and after the advent of capitalism in Eastern Europe, Russia and Central Europe as well as a comparison of Cuba and the ex-communist countries provide us with an adequate basis to draw some definitive conclusions. Fifteen years of "transition to capitalism" is more than adequate time to judge the performance and impact of capitalist politicians, privatizations, free market policies and other restoration measures on the economy, society and general welfare of the population.

By definition, Capitalism is an economic system controlled chiefly by individuals and private companies instead of by the government. In this system, individuals and companies own and direct most of the resources used to produce goods and services, including land and other natural resources labor, and “capital”. “Capital” includes factories and equipment and sometimes the money used in businesses (Friedman, 5).

Capitalism is an economic system in which industry, trade and factor and means of production are controlled by private investors or owners with an aim of making profit in a market economy. It affects the rate of capital accumulation, labor wage and the control of competitive market. This usually affects the economy of different societies since the government has no control over the economy. The forces of capitalism greatly affect the societies in that the poor continues to be poorer while the reach society continues to accumulate wealthy and become richer. It widens the income disparity gap. It influences both the economic aspect and social aspect of the societies largely. This mainly is influenced by the forces that

There are many inequalities prevalent in the US, and as a capitalist society, one of the most common is economic inequality. The Equality Trust defines economic inequality, as the gap between the well off and less well of in regards to overall economic distribution (“How Is”). See, our capitalist society strongly benefits those with a capitalist mentality and can afford the means to invest/own capital. Over the years there has been an increasing wealth gap between the top one percent earners and the general population. So why are the rich flourishing while the poor are struggling in this capitalist environment? The policy decisions of our country allow this inequality to permeate throughout our industries, thus creating a culture of power and greed. One result of this culture is the explosion of high salaries in the US and Emmanuel Saez explains this trend in Striking it Richer. Saez affirms, “Indeed, estimates based purely on wages and salaries show that the share of total wage and salaries earned by the top 1 percent wage income earners has jumped from 5.1 percent in 1970 to 12.0 percent in 2006” (Grusky 89). Too bad that the 99 percent of America missed out on this massive economic growth spurt. When economic growth is not evenly distributed among the general population, people tend to question our entire system. This has been an increasingly controversial issue, where corporate America is responsible for the constant exploitation of low-level employees. Through my

In the mid-19th century, a great system of economics, which would change our lives forever, was formed. That system was called capitalism. Capitalism is an economic system that was created by combining many parts of many other economic systems. Capitalism was based on the idea that private individuals, and business firms would carry out all factors of production and trade. They would also control prices and markets on their own. Mercantilism was the precursor to Capitalism although each of them different in many ways. Mercantilism was for the wealth of the state, while the motive of capitalism was for the wealth of the individual.