Critical Review of a Discussion Capitalism Benefits Everyone

In this discussion, the topic was “capitalism benefits everyone”, and all students were given a choice to present their arguments in favor of this topic, or they can also go against this topic by providing logical. After analyzing the overall discussion made by different peers, it can be said that all of them are collectively agreed on a point that one way or the other, capitalism does benefit the majority of people. It was also identified in this discussion that capitalism has both advantages and disadvantages, but its advantages are way important, as economic freedom provided by capitalism is critical for both poor and rich people.

Summary of Capitalism Benefits Everyone

The discussion made by the group members has been very informative as well as it has diversity of arguments. It was said that society has been achieving so many benefits from capitalism; especially the essence of technology and innovation has changed so many things. The consumers are getting more opportunities and awareness, and it is also helping in effective usage of the human capital. There was a counter argument as well that technology and innovation have been contributing towards harrowing poverty, unchecked exploitation and unprecedented disparity. The capitalism has allowed technology to dominate, and if AI will keep taking space in industries, then people won’t find any jobs in the future. It has also been discussed that capitalism plays its part in exploitation as well as inequality. But fact of the matter is that there are many positives also associated with capitalism, like it has helped in developing gender equality. The social as well as ethical dilemmas linked with capitalism can be handled by developing a proper strategy, where process is made to benefit everyone, rather just one side of the society

Critique of Capitalism Benefits Everyone

It has been mentioned earlier that overall group discussion has been interesting, and it has provided both points of view like in favor or against the topic, but discussion has been a fruitful one to focus on various benefits of capitalism. At the same time, the discussion has also allowed digging out negative aspects of capitalism, which may go unnoticed in various circumstances, but still they are crucial in so many ways (Reeves, 2019). Majority participants gave arguments that capitalism does benefit others, but it also has negative impact on society as well. For instance, Jason Gregg said in his discussion that economic worth created by capitalism has replaced the social worth, because money has become the main driving force behind relations in a society. But when things are analyzed in detail, it can be observed that increase in economic worth helps people to get out of a social status, which is unprivileged. When they get good jobs and earn more due to free market economy, they grow which results in growth of the whole society. That’s why developed world has gone far in development due to economic freedom as compared to developing world (Pethokoukis, 2016)

On the other hand, Diana Tempo has well explained her points in the discussion regarding plus points of capitalism. She described that key benefits attained by capitalism are innovation as well as economic growth. This argument can be proven right by looking at some evidence from the real world. It has been observed that technology and innovation has really helped to create more employment opportunities for people. In knowledge incentive sector, the role of technology has been crucial in boosting the process of creating more jobs. The technology has also demanded for more jobs and disposable income of people also increased with the passage of time (Pethokoukis, 2016). It means that things have moved in right direction, and if system is managed properly with a balanced approach, it can give more benefits in the future. Jonathon Pearson nicely explained the concept of capitalism by explaining some key points. He pointed out that capitalism has allowed providing more balance in business-society-government (BSG) triangle as it has aspired so many parts of society like encouraging women to work and earn more. It has also provided countless opportunities to those, who were jobless; so when rich people formed organizations and expanded business in relevant industries, it generated more economic activity, which is always great for an excellent economy (Besser, 2002)

Conclusion on Capitalism Benefits Everyone

After looking at all the aspects described in the whole discussion by all participants, it can be said that the benefits of capitalism are more than its negative elements. It is a different thing that if someone exploits this system for their own benefits. But capitalism do not ask people to exploit others and create any kind of inequality. So, if capitalism is implemented with its full positive effects, then things can be great.

References of Capitalism Benefits Everyone

Besser, T.L. (2002) The Conscience of Capitalism: Business Social Responsibility to Communities, illustrated Edition edition, Greenwood Publishing Group.

Pethokoukis, J. (2016) Don’t tell Bernie Sanders, but capitalism has made human life fantastically better. Here’s how, [Online], Available: http://www.aei.org/publication/dont-tell-bernie-sanders-but-capitalism-has-made-human-life-fantastically-better-heres-how/ [15 July 2019].

Reeves, R. (2019) Capitalism used to promise a better future. Can it still do that?, [Online], Available: https://www.theguardian.com/commentisfree/2019/may/22/capitalism-broken-better-future-can-it-do-that [15 July 2019].