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What are the pros and cons of capitalism?
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Capitalism and society both focus on freedom and opportunity

Capitalism promotes individual freedom by providing choices, the right to private property, and allowing people to set the price of goods. Capitalism promotes political freedom by limiting the power of the government. Capitalism promotes equal opportunity by rewarding hard work and innovation.
Capitalism

The Argument

Capitalism provides freedom and opportunity. Milton Friedman was one of the twentieth centuries’ most prominent advocates for the benefits of capitalism. He wrote that capitalism promotes personal and political freedom.[1] Capitalism promotes individual freedoms in several ways. First, people set the price of goods through supply and demand. People have freedom of choice. Also, capitalism values the right to private property. Political freedom is promoted by capitalism limiting the power of the government. If the government sets prices or controls the factors of production, it would increase the power of the central government. Capitalism promotes opportunity by rewarding hard work and innovation. It is merit-based; if the people want your product or service then you can succeed and be highly profitable. People have the opportunity to achieve success using their skills, talents, and intelligence.

Counter arguments

Capitalism does not promote opportunity. There is extreme wealth inequality; the wealth of the richest 1% of the population is equal to the wealth of the entire other 99% combined.[2] Additionally, limited access to resources and opportunities (such as education and adequate nutrition and healthcare) from the start limits your ability to move up.

Proponents

Premises

[P1] Capitalism promotes individual freedoms (people set the price of goods, have freedom of choice, and right to private property). [P2] Capitalism promotes political freedom by limiting the power of the government. [P3] Capitalism promotes opportunity by rewarding hard work and innovation.

Rejecting the premises

[Rejecting P3] Limited access to resources and opportunities (such as education and adequate nutrition and healthcare) from the start means there is not equal opportunity.

References

  1. https://oll.libertyfund.org/pages/friedman-on-capitalism-and-freedom
  2. https://www.bbc.com/news/business-35339475
This page was last edited on Monday, 2 Nov 2020 at 23:25 UTC

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