Essay about Capitalism : An Economic And Political System
Is it possible to make capitalism just? Capitalism is defined as an economic and political system in which a country 's trade and industry are controlled by private owners for profit, rather than by the state. (Wikipedia) Capitalism is a social system that focuses and is based upon the individual rights. Capitalism structures markets, determine ownership rights, and provide legal enforcement of trade restrictions which makes it an institutional system. Politically it is a system that is built on freedom. Economically it is turned into “free market” (Rand). Ann Cudd is a defender for capitalism. She believes that income inequality can be controlled.
Ann Cudd in her book, Oppression by Choice, she talks about oppression and unjust freedom. Oppression is the exercise of authority or power in a burdensome, cruel, or unjust manner. The fourth oppression is coercion or force. Coercion can be understated and unrecognized by the one who suffers it, although it is typically recognized by its victims. Coercion can result in bad outcomes for the victim. Choices may be voluntary or involuntary, freely made or forced. When coerced you get choices, even when you get mugged, you have a choice in the sense of two options: give the mugger your money or refuse and risk losing your life. (Cudd, p.g. 9)
Inequality is seen as unfair, which makes it morally unacceptable. “Capitalism creates economic inequalities because it distributes goods in markets, where trades take place…