No MLA required. No sources required. Opinion based. Short response is all that is required.

Review the Mini-lecture below then answer the following question:

1. What are the benefits of living in a capitalist society?

We have goods and conveniences and wealth that few people in the world enjoy. Without a thriving capitalistic economy our lives would be considerably different than what they are today — including health care, education and leisure time. Simply travel to a Third World country (now called a Developing Nation) to realize just how good we have it here regarding the above benefits!

Companies: Capitalism relies on the formation of companies to produce the goods and services that we enjoy. But what is a company? It is an independent entity. It is not the same as the persons who run it or work in it. Thus a company produces profit, not persons. And a company can go bankrupt, not (usually) persons who run it or work there.

Profit Motive: It is the legal obligation of all companies to produce profits. Indeed, at one time the sole reason for a company of any kind was to make money by making products and rendering services. Profits, of course, produce wealth for stockholders, employees, managers and (indirectly) for the public.

Competition: As is the case with a sports league of any interest, capitalism relies on competition to insure that its economy produces the most goods and services that are of the highest quality. Thus the anti-trust laws of decades past that prevented any one company (or conglomerate) from dominating the market place and producing goods and services that do not necessarily have to be the best that can be offered simply because there is no other competition.

Private Property: Since the writings of the English philosopher John Locke (and before), private property has been viewed as a natural right for citizens. With this right goes the privilege of doing what one wants with one’s property — i.e. sell it, keep it, make more of it, develop it, etc. Without ownership of private property there could be no capitalism, indeed, no economy. Buying and selling (trading) is what “makes the world go ‘round” in our economy. Capitalism is distinct from socialism (generally speaking) in that it owns most major means of transportation, health care, and communication.

Moral Justifications of Capitalism: As noted above, we believe we have a right to private property and that we can do what we want with it, including turning it into something to sell or trade. Capitalism initially was justified by reference to Adam Smith’s “Invisible Hand” theory, which claims that there is no need to regulate strictly trade because the law of supply and demand will serve as an “invisible hand” to sort out what products deserve to stay on the market and which do not. Thus, a poor capitalist will never survive.

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