Economics: Principles & Policy
14th Edition
ISBN: 9781337912679
Author: William J. Baumol; Alan S. Blinder; John L. Solow
Publisher: Cengage Learning US
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Chapter 19, Problem 11DQ
To determine
Explain why China is economically down.
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Economics: Principles & Policy
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- Capitalism has accomplished many different things. While in the past, if you were a member of a lower class and poor, you would have most likely stayed there forever. Thanks to capitalism, those individuals are now able to improve financial situations by creating a business, a product, etc. Capitalism also encourages competition, which means that various areas, such as technology, are always improving in an effort to be better than the other competition. This competition also allows for a lot of innovation. We are constantly being presented with new products or companies that are delving into a market that hasn't yet been explored. However, I don't feel that the future prospects of capitalism will be as beneficial for the general public as they were in the past. It is much harder for smaller companies to stay afloat. It states in the textbook, "Karl Marx (1818–1883) argued that capitalism leads to oligopolies—a con-centration of property and resources, and thus economic power, in the…arrow_forwardPlease explain classical and neo-classical from schools of thought. (with references)arrow_forwardI feel that the strongest moral consideration in favor of capitalism would be the freedom to pursue a business for private ownership or have private ownership of your own business by building it from the ground up. If you want to start your own business, you can do that. If you are interested in a specific job, you can figure out a plan to get yourself educated in that field, prove your worth through applying and interviewing, and you can eventually find yourself in that dream position through persistence and hard work. At the end of the day, it all depends on what you want to do. All of the pressure is on you to create the future you ideally want through the choices you make in the current market. I feel the strongest objection to capitalism is oftentimes the large majority of the profits go to the higher-up executives in many large companies. With the freedom of conducting business, upper management has the ability to control wages the way they feel necessary, which means the…arrow_forward
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