I thought I'd do a post on the pros and cons of capitalism. I think it is pretty apparent that capitalism is the best social system in existence and the only one that follows good moral values, such as individual freedom.
The Pros of Capitalism
- You are free to make your own choices (right or wrong) in the market place.
- You own your life and the means to produce for your life.
- You can choose to run your own business or get a job with ease of government regulation.
- As a consumer, you get the highest quality of products for the cheapest prices.
- As a consumer, you get the highest variety of the types of goods and services you can purchase.
- You are free to innovate and invent without the government getting in your way.
- You don't have to pay taxes beyond that of the basics to protect your rights (police, courts, national defense, etc).
- You vote with your dollars. If you don't like a particular store, you can always shop somewhere else.
- You have the right to own property, which comes with the right to develop it as you choose.
- You have the right to earn as much money as you want without having to answer to the government.
- Capitalism has given the highest standards of living this earth has ever seen and no other system has ever been able to do this
- Capitalism recognizes your right to pursuit of life, liberty and property.
There really isn't any cons for capitalism. The only cons come from people that want to be able to tell people what to do or how to live their life. In capitalism, people are allowed to make their own choices, good or bad, and this seems to bother some that think they have the right to tell others how to live their life.
As a capitalist I feel unfortunate that people do sleep on the streets, but I can't feel bad for people that make the conscious choice to stick a needle full of heroine into their veins. Everyone is given the same level playing field and everyone can play.
This is what I think the pros and cons of capitalism are. It is the best social system ever devised and I (as well as you) owe capitalism for the great standard of living that we have.
Has capitalism resulted in areas having the highest quality of life? I would argue that European countries tend to have higher qualities of life than the United States, and a fair share of those countries tend to be socialist.
I'd have to disagree and really focus on in what "quality of life" means.
I know a lot of the reports that come out from the UN show that they have better quality of life, but when you actually look at what constitutes a better life, you can see it's not really related.
For example, they'll look at how much money is spent on welfare compared to the GDP. The view is that the more, the better.
Obviously that isn't a far depiction of "quality of life". Most people don't collect welfare, so it's actually pretty irrelevant.
I argue the fact that Americans make more money, have more disposable income, have more services and goods available to them, more personal and economic freedom. It all comes together for a great quality of life.
although i'm all for capitalism, i do disagree with saying that it follows good moral values. the whole reason capitalism has been so successful is because it allows people to benefit from their work, thus they work hard and make money. Why do they do this? because they want money. the whole system is based on greed. i mean look at it 'Capitalism' do you know what capital is? the great thing about how the consumer gets to choose the product with the lowest price is that it causes many companies to resort to underhanded methods to make cheaper products, and thus more money.
i know this sounded really anti capitalist, so i just want to remind you that i actually think thus system is great
Greed is just a negative word for self interest. I view greed as a good concept. We need people that are more interested in themselves. We need people that will at least take care of themselves. Today we have people telling others how to live their lives because they don't choose to live their own.
Greed is a good thing. What is the opposite of greed? Altruism. Altruism is not being greedy and giving to others, but to give to others, someone has to take it and that is greed.
Why is it a virtue to deprive yourself of what is yours and to give to others that selfishly take it, but if you try to keep it you're a sinner?
What a dumb article. How bias to show no cons of capitalism? Renders this article useless...
Unfortunately there are no cons for capitalism. If they existed, I would of added them.
The people that see the cons in capitalism have a very odd view of the world, where they secretly hate freedom and think that some people exist for the sake of others.
What about exploitation and economic imperialism. The two things this world hates about us most. Before you say there are no cons, you should study history. Capitalism rapes goods and resources from less developed countries. Most of these countries (i.e. Latin America) were discovered and established because of supply and demand of resources. Cheap labor is necessary to lower prices and beat competitors so a pair of shoes cost 3 dollars to make by some taiwanese kid who will happily do it for 12 hours a day with no bathroom breaks cuz the last company paid a buck fifty. It's easy to argue that he wanted it and it gave him more money but he's 9 and still being exploited and living in poverty.
You sound like some republican who just read the fountainhead. You don't really know what you're talking about. It's easy to be egoist and care for your self-interest only, but morally, does your self-interest worth the exploitation of others so you can choose between a few more pairs a pants for a few less dollars.
By not providing any cons you're being ignorant.
Hi Anonymous,
There are a lot of "assumptions" in your post that are bent in such a way to make it sound like capitalism is negative.
For example, you say "Capitalism rapes goods and resources from less developed countries." How do they "rape"? Extracting oil out of the ground and selling it is not "rape". It's what capitalism is about. It's called production.
"taiwanese kid who will happily do it for 12 hours a day with no bathroom breaks cuz the last company paid a buck fifty."
This kid can make their own choices. There is nothing wrong about hiring cheap labor. It's not immoral. If people want to work and you can get a great return on the exchange rate, than why is that a problem? If you're looking for the positive spin to that, a business is providing that child with a higher standard of living.
"It's easy to argue that he wanted it and it gave him more money but he's 9 and still being exploited and living in poverty. "
Anthropology shows us a lot of interesting things. It's not uncommon in any culture as it develops for children to work. In poor countries, the child works and eats, or doesn't and dies.
"You don't really know what you're talking about."
Thank you for telling me it. I'll make a mental note of that. Anything else you think I should know?
"It's easy to be egoist and care for your self-interest only, but morally, does your self-interest worth the exploitation of others so you can choose between a few more pairs a pants for a few less dollars. "
Absolutely. And they're not exploited by the way. They're acting as self-interested egoists themselves trying to earn some money.
ahem:
http://www.walterjensen.net/HO-Capitalism.pdf
I don't know what hole you crawled out of captain america, but there most definitely ARE cons to capitalism. do your research and quit being so biased. I'm American, but you don't see me behaving blindly and choosing to ignore problems associated with capitalism. so quit being pompous, and go suck an egg.
Extracting oil out of the ground leaves a hollow cocoon, like in the gulf where we do off shore drilling. It’s what helped make hurricane Katrina worse than it already was. its estimated that there is only 20 years of fossil fuel left.
Yes’ that is exactly what capitalism is about. The selling of goods creates capital.
I'm more concerned with people though.
You think there’s nothing wrong with cheap labor? There is nothing wrong with child labor? You say the kid has a choice, but what are they? Working for a $1.50 over $3? or according to your anthropological studies, work or death? Those aren’t much of choices.
That’s the problem, people born into circumstances they can’t control. No matter how hard he works, he and others will still live in poverty. They don’t get to reap the benefits of the system, they are slaves, like you and I. We just happen to be lucky enough to in a position to receive some benefits. In the end only a few really prosper from this system.
The business provides a job, but people still live in poverty, circumstances haven’t changed. What they also need is an education. What people need are food, healthcare and to be risen out of poverty. Of course the people will choose to work for a few extra bucks, obviously it’s in there best interest, but it doesn’t change much.
That’s the problem with cheap labor, people are slaves. And what’s it all for? A cheaper product? More capital for the business?
That’s why this exploitation is so easy to sell to people. You offer a better price that is still cheap. People will want it because they need it, it’s in there best interest, but it makes no difference.
I also said you were ignorant; you should take a mental note of that more importantly.
oh, you should go back to wikipedia and read up on your objectivism.
You've made some great points and counter arguments, Christopher; At first i was shocked at your position of cons to socialism, but it seems justified as of now.