Essay on Arguments Of Capitalism And Government Systems
In our society today there are four types of economic systems around the world. There is mixed economic system, market economic system, command economic system, and traditional economic system. Capitalism is an market Economic system in which private citizens own and use the factors of production in order to generate profits. Many people would debate saying capitalism is a bad thing but there are others who would say different. There are many advantages to having capitalism as our economic system but with advantages comes negatives. As we make our way through this essay, I’ll discuss why having capitalism is the essence of a prosperous economy.
The first article I read that was for capitalism was As Wealth Inequality Soars, One City Shows the Way. In this article the author discusses how the city of Ogden in Utah became the largest metropolitan area with the narrowest wealth gap. A guy named Tom who was born and raised in Ogden has labored for the past eight years as the town’s director of community and economic development, squeezing prosperity--slowly and painstakingly-- from abandoned rail yards, slaughterhouses, and run-down buildings in an effort to rebuild Ogden’s middle class. Now Ogden has a population of around 86,000, the incline has put it on the national radar and Ogden has become an unlikely beacon of egalitarianism. This city shows what capitalism is really about and what benefits come with it (Goodman).