In this essay I am going to focus on the advantages and disadvantages to having a capitalistic economy. Judging by the disinterest that the people in my small group had when I had suggested this topic to write about, it is obvious that they are ill informed on the subject. I think that this is an important subject because, let’s face it, the economy (boring or not) effects everyone. Especially with the recent economic downturn, it is tough to escape the subject in the media. Although capitalism is only one of many possible economic systems, it is mainly what our economy is based upon. This is also important when choosing representatives for our country because the way the economy is run is how a lot of political figures choose their standpoint or party.
Capitalism is an economic system in which goods are privately manufactured and sold for profit. In a true capitalistic society, there is no government control over these privately owned businesses. The problem that arises with this is that with no government control is that the competition aspect of capitalism, and what makes capitalism so effective, can be taken out. This occurs when a certain company controls the market of a specific good and in turn raises the price of that good because consumers can’t get it anywhere else. This is what is called a monopoly.
Another downside to a capitalist economy is that a lot of people say that it is too cruel and they have this belief that the only people who benefit from a capitalistic economy are business powerhouses and it leaves no opportunity for the impoverished or uneducated. In contrast to this belief, one of the things that interest me about capitalism is that it is one of the only systems where you can go from poor to rich based on how hard you work, or financial decisions you make. Everyone has equal opportunity.
One of the sources I am going to note in my essay is the book “The Capitalist’s Bible” by New York Times journalist Gretchen Morgenson. This book is going to provide good information on what capitalism is and mention some capitalist success stories. Another book source I am going to use is called “The Soul of Capitalism: Opening Parts to a Moral Economy” by William Greider. This book I believe will take an anti-capitalism stance and hopefully counter the pro-capitalism stance that my other book source will provide. I am also going to take a look at a documentary I found by Michael Moore, “Capitalism: A Love Story” which hopefully will have some good information as well. Other than that I will be looking for a couple of credible websites that can provide logical views on capitalism and economics and I will definitely be taking a look at what the encyclopedia has to say about capitalism.
My audience intended for this piece is going to be people who are my age. Hopefully I can successfully explain what capitalism is and what role it plays in our economy and our government. I want to explore both the advantages and disadvantages and get people interested because I think it is extremely important for people to be informed about the economy.
BIBLIOGRAPHY
Morgenson, Gretchen. The Capitalist’s Bible. New York: HarperCollins, 2009.
Greider, William. The Soul of Capitalism: Opening Paths to a Moral Economy. New York:
Simon & Schuster, 2003.
Moore, Michael, narr. Capitalism: A Love Story. Overture Films, 2009. DVD.
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