Mapping the world's opinions

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What are the pros and cons of capitalism?

Capitalism is an economic system in which the four factors of production (entrepreneurship, capital goods, natural resources, and labor) are owned by private entities with the aim of generating a profit. Capitalism requires a free market economy driven by supply and demand. There is a lack of government intervention. Competition helps keep prices moderate and production efficient. This stands in opposition to socialism, a system in which the means of production are owned by the state.

Capitalism is good

There are many positives of capitalism. Capitalism ensures efficiency because it is self-regulated through competition. It promotes innovation, freedom, and opportunity. Capitalism meets the needs of the people and is beneficial to societies as a whole.

Capitalism promotes innovation

A free market encourages innovation because people have incentives to work harder leading to higher productivity. Innovation allows societies to develop rapidly and gives people a better quality of life. Explore

Capitalism and society both focus on freedom and opportunity

Capitalism promotes individual freedom by providing choices, 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. Explore

Capitalism meets the needs of the population

Under capitalism, businesses that manufacture products that are in high demand flourish. These businesses compete with each other to meet the demands of consumers, giving consumers more choices when buying a product while ensuring that their needs are met. Explore

Capitalism is self-regulatory

Capitalism ensures efficiency because it is self-regulated through competition. Companies must adhere to the ethical and moral standards of society, or else be at risk of being damaged by boycotts. Explore

Capitalism helps societies as a whole

Capitalism helps societies as a whole through the invisible hand and a higher GDP which leads to a higher standard of living for everyone. Capitalism in one nation also helps other nations through globalization. Explore

Capitalism is bad

Capitalism ignores peoples' needs, results in wealth inequality, and does not promote equal opportunity. Capitalism also encourages mass consumption, is unsustainable, and provides an incentive for business owners to harm the environment for monetary gain. Capitalism is also ineffective and unstable.

Capitalism is harmful to the environment

Capitalism has led to significant environmental degradation. Capitalism encourages mass consumption, is unsustainable, and provides an incentive for business owners to harm the environment for monetary gain. Explore

Capitalism ignores social needs

The success of capitalism is entirely contingent on the premise of every citizen being able to work. Capitalism doesn't provide for people that cannot work (the disabled or elderly). It is a system that values profit over the needs of the people. Explore

Capitalism results in wealth-inequality

Capitalism results in wealth-inequality. The richest in society have more money than they could ever need while other people in the same society are homeless, hungry, and/or living in poverty. This is morally wrong. We should redistribute this wealth to help others. Explore

Capitalism is ineffective and unstable

Capitalism is ineffective because the formation of monopolies eliminates competition which is essential for capitalism to function properly. Also, corporations being "too big to fail" and economic cycles of booms and busts make capitalism unstable. Explore

Capitalism doesn’t promote equal opportunity

Capitalism does not promote equal opportunity. Some people inherit great wealth while others are born into poverty. Limited access to resources and opportunities (such as education, adequate nutrition, and healthcare) from the start limits peoples' ability to move up. Workers lack opportunity because their labor is exploited with companies trying to pay them as little as they can. Explore
This page was last edited on Saturday, 23 May 2020 at 17:27 UTC