Is Capitalism a Force for Good or Evil in Modern Economies That Practice It Today?

Introduction

The contribution of growth factors has shaped the world economy. Majority of people have struggled through the growing Capitalism. Thus, it has developed a different perception regarding the functioning of the economy. Consequently, the captilast contribution in the economy has significantly led to either economic downfall or economic progress. The essay will give an account of the nature of Capitalism being either good or evil.

Is Capitalism a Force for Good or Evil in Modern Economies That Practice It Today?

Capitalism is not inherently evil as people perceive. Nonetheless, it is not necessarily good. Capitalism is majorly an economic system which is motivated by proceeds. When human greed creeps in, it becomes evil. According to Abercrombie et al. (2015), the notion of a free society in which individuals can make liberal decisions that eventually drives the economy is fascinating. The explanation to why it is appealing is because human beings have a history of tyrannical government which suppresses the citizen leading to serfdom. Often people believe that it is when the government is least concerned in the economy is better, yet they experience mass suffering like no other. There is one fact that people fail to acknowledge which is government official and selfish. As a result, it will resonate with the majority of individuals that capitalistic force does not push for government intervening.

When comparing Capitalism to authoritarian government one can notice the latter has total control over the economy and its participants whereas the former seems to have reduced risk for fraudulence due to the decentralization of power. According to Grinder and Dan (2018), Capitalism guarantees people's choices by rewarding the best businesses and companies. Although Capitalism praises the profits for the masses, it is sufficiently corruptible. Even though the masses are the ones that contribute to the most renowned business in the system, the business activities and companies do not care about giving back to the public. The biggest problem that exists in the workplace is not an excessive misuse of power; it is the reflective element to the irrational exercise of power by the employer. The cool factor deals with how employees make their money, and the employer takes advantage of the less control of the employees and discriminates them. People are able to understand how employers exercise discrimination to employees who cannot be able to defend their rights. This is the capitalist way of life. The employer who turns out to be the capitalist has and owns the means to production but cannot in any way allow the employee to have freedom in the manner in which he or she practices most of the activities outlined.

The highest profits are turned when an economy is at its most efficient (like a factory line), but this also means workers are more expendable. In a factory line, you are no longer an individual with a unique set of talents. The worker becomes defined solely by how much product they can turn out in the shortest amount of time. The best or "ideal" worker is the cheapest and most efficient, so the employer has little motivation to provide anything more than the bare minimum for workers. Without government regulation, the bare minimum for workers is only set by what the most desperate worker will accept. Because laborers are dispensable, employers can turn over their employees if they stir up any trouble (such as unionizing, fighting for better working conditions, higher wages, etc.). Karl Marx believed that in a system where workers have less individuality and no meaningful connection to their work, no one would be happy (Commons, 2017). Not only do workers feel undervalued and dissatisfied by their work in these kinds of jobs, but they also are unhappy because the Capitalist system puts all value in material objects. Conflating wealth with success and happiness leaves society discontented with their lives. Marx also thought that capitalists were necessarily thieves because they turn profits by undervaluing the labor worker. Even though a Capitalist system intends to transfer power away from the government and to the people, the power eventually finds its way to the wealthiest few. The reis because, at its core, Capitalism favors profit first, making the most prosperous the most powerful.

Conclusion

Capitalism can quickly devolve to a vicious cycle that suppresses and abuses the working class by the wealthy exploiting them to gain power, then using that power to exploit them further. It also becomes much harder for the average person to compete with large businesses. As the gap between the obscenely rich and the impoverished widens further, the harder it is for anyone on the bottom to make it to the top. Capitalism is not innately evil, but because it puts profits before people, those who find success due to the Capitalist system have the power to stack the deck against the working class. My position is that most political ideologies and economic policies should not be left in their pure form.

Works Cited

Grinder, Brian, and Dan Cooper. "In Defense of Capitalism Part II: The Temporal Nature of Capitalism." Financial History 125 (2018): 10-12.

Commons, John R. Legal foundations of Capitalism. Routledge, 2017.

Abercrombie, Nicholas, Stephen Hill, and Bryan S. Turner. "Sovereign individuals of Capitalism." (2015): 1.