Modern Global Economy: Chapter Analysis

Some argue that Capitalism is beneficial for everyone but that’s not true at all. There is this article called Capitalists, Arise: We Need to Deal With Income Inequality by PETER GEORGESCU from the new york times.

capitalism leads to a concentration of property and thus a concentration of resources and power in relatively few hands.

"How Economic Inequality Harms Societies." Richard Wilkinson:. TED Talks, July 2011. Web. 26 Feb. 2015.

Wealth inequality in the United States has grown tremendously since 1970. The United States continuously reveals higher rates of inequality as a result of perpetual support for free market capitalism. The high rates of wealth inequality cause the growing financial crisis to persist, lower socio-economic mobility, increase national poverty, and have adverse effects on health and well being.

In “The Singer Solution to World Poverty,” Singer argues that all households should donate a percentage of their incomes to charity. Majority of the American population is satisfied with donating little to nothing to those in need, but seldom rethink the purchase of the luxury items. It is a commonly accepted fact that those who work for their earnings are deserving of the monies that they receive. Unfortunately, those in third world countries that don’t have the same resources and opportunities are unable to sustain their livelihood. Some children in third world countries suffer from deprivation of food and shelter; while those that are fortunate enough to have jobs are paid only cents a day. (“Some H-1B Workers Underpaid, Federal

Many researchers who subscribe to the works of Karl Mark concerning capitalism argue that inequity is not necessary and that inequity does not serve any relevant function. These scholars are rather of the opinion that injustice or inequality are but symbols of societal

In the book The Road to Global Prosperity by Michael Mandelbaum he highlights the concepts of globalization a couple years after the 2008 financial recession occurred that left many citizens unemployed and uncertain about their future. Mandelbaum claims that globalization will continue to grow and expand in our economy although there will be some difficult challenges that we will have to face in the process. Some of the conflicts that Mandelbaum discusses are immigration,global security, trade, free markets, and economic growth. Mandelbaum then compares each national challenge to an object or thing some of which include a roof, gate, brick, river and an earthquake. Mandelbaum uses of metaphors throughout the book it gives the readers the chance

In Capital, Karl Marx reveals the ugly truth that capitalism lays on the foundation of class exploitation. Without such exploitation, there is no profit to be made and capitalism will cease to exist. Capitalism, which relies on the reproduction of capital, creates and concentrates wealth to a small portion of society’s population while reproducing poverty and widening the size of inequality.

Income inequality is necessary for a capitalist society to thrive as it provides competition, hard work, and innovating ideas (Sutter).

Peter Singer, a prominent moral philosopher and public intellectual, has written at length about many ethical issues. He subscribes to utilitarianism, which is the position that the best moral action is that which maximizes the well-being of conscious entities; this view is made apparent through his writings. In his essay What Should a Billionaire Give—and What Should You? Singer presents the idea that although the rich are capable of mitigating extreme poverty, there has been little improvement for the poorest 10 percent of the world’s population. He maintains that all life is equal and, therefore, saving the lives of the poor is a moral imperative for those who can afford to. “We are far from acting in accordance to that belief,”

As a society, we are inherently fascinated by trying to “fix” our world. Whether it be the environment, politics, human rights, gender equality, poverty, or medicine, there are individuals around the globe looking for ways to improve our society and those who are merely making suggestions on how to improve it. Published in 2015, William Watson’s book The Inequality Trap: Fighting Capitalism Instead of Poverty is full of analysis and suggestion on what humanity can do to create a more equal society. The book glides through a series of arguments that attempt to conclude that the issues of inequality in our society are brought about by capitalist venture and excessive wealth. Throughout the eight chapters, Watson keeps a reader interested

Capitalism has been the subject of ethical criticism since it was first introduced into society. I defend the morality of capitalism because it gives people incentive to work, establishes a web of trust between them, satisfies their material well-being, and generates a wide spectrum of prosperity.

Capitalism started up as a system of investing and sharing money in order to increase the value of resources in the future. Capitalism was just an economic system, but then soon turned into a complex system of ethical practices. Harari defines capitalism as, “a set of teachings about how people should behave, educate their children and even think” (Harari 314). This economic system evolved along with the people that were endorsing it. Capitalism enables the rich to get richer, while the poor continue to get poorer. There are many benefits to capitalism, but there are downfalls as well, and these downfalls tend to be masked because of the rapid speed capitalists grow at. Harari first presents a definition for capitalism, and soon goes into great detail on why capitalism, while fast paced and unforgiving, is able to stand unwavered while other productions fail.

In “Effective Altruism” by Peter Singer, Singer talks about how we can take actions that help others as much as possible. This is known as effective altruism. Effective altruism is a social movement that aims to revolutionize the way we live. Effective altruism encourages individuals to make altruism a central part of their lives and do as much good as possible, typically by contributing a fixed percentage of one's income to the world's best performing aid and development organizations. Philosopher Pete Singer for Ted Talks discuss that you can donate at least a tiny percentage of money and still be able to live a normal life. He also references many people who donated by individuals to to the world's poorest people can make a great

Capitalism is a subject that can be considered deeply controversial. There are many who tout the benefits that capitalism provides to the economy and the progress of human society. There are others who decry that it is a system which promotes selfish motives and extols profits above honesty and genuine goodness. This essay will examine the claims of each and will reach to conclude the answer to the question “is capitalism good?”