Discussion on Capitalism Benefits EveryBody

There has always been a discussion point regarding capitalism that only rich people benefits from the capitalistic economic system, whereas poor does not get any considerable benefits. So, the basic theme is that poor maybe get poorer and rich people to get richer in this system. But when facts are observed, things are quite different from this concept. An Index of Economic Freedom was published by the Heritage Foundation, which revealed that five countries, which follow capitalism and have most economic freedom, are Australia, Switzerland, New Zealand, Singapore, and Hong Kong. On the other hand, the five countries with low economic freedom are Congo, Cuba, Venezuela, North Korea, and Yemen. It is already said that capitalism follows the essence of the free market economy, and if this economic freedom does not benefit everyone, then why developed countries are on top of the list with economic freedom. If one would be given the choice to live their life in these ten countries, what would be the preference to live? Will someone prefer to live in the bottom five developing countries, and the majority will say “no”, which means that capitalism is good for everyone (Benítez, 2019)

Step 2:

Peers Post

Capitalism benefits everyone

Although capitalism comes with many benefits, to say it benefits everyone I believe is false. Overall capitalism has some strong ethical and social dilemma in the B.S.G. This includes Capitalism creating a depersonalized cash relationship between business and society and Social worth being replaced by economic worth leading to the predominant relationships in social life being defined by the market (western Sydney university 2019). Capitalism produces large-scale inequalities. It creates contradictions, troubles, and tensions, for example, Women in capitalist societies typically do more household labor, are more likely to be living in poverty, are more likely to be in low-paying jobs, have less wealth and are under-represented in positions of power (Bowles 2007). On the contrary, there have been benefits to gender equality through capitalism, for example, capitalism has increasingly brought women into the labor force and given them some forms of economic independence through wage-earning possibilities (Bowles 2007). So, capitalism can be viewed as beneficial and disadvantageous.

Reply to peer’s post

I don’t agree with your viewpoint that capitalism does not benefit everyone; rather it creates various social & ethical dilemmas. It is important to keep in mind that one thing may have both pros and cons, but if the pros are more than the cons, then focus should be given to pros. Capitalism is a great system which provided the essence of economic freedom, and this economic freedom everyone to grow as per their own capabilities and skills. In a free market economy, organizations are able to gain so many benefits, and when their business grows, more jobs and economic activity is created. That’s why when there is more economic freedom following the footsteps of capitalism; the developed countries experience more development as compared to the developing world, where the market is controlled (WOICESHYN, 2015). Moreover, there is a contradiction in your views as well. At one point you are saying that “Capitalism produces large-scale inequalities” referring to women, and in next passage, you are saying that capitalism is beneficial for the gender equality helping women to grow.

References of Capitalism benefits everybody

Benítez, E.F. (2019) Do Rich People Benefit More from Capitalism than the Poor?, [Online], Available: https://www.austriancenter.com/do-rich-people-benefit-more-capitalism-poor/ [14 July 2019].

WOICESHYN, J. (2015) Capitalism Benefits Everyone, [Online], Available: https://www.capitalismmagazine.com/2015/03/capitalism-benefits-everyone/ [14 July 2019].