Capitalism Should Not Be Promoted as the Best Economic System
Jawaharlal Nehru stated that “The forces of a capitalist society, if left unchecked, tend to make the rich richer and the poor poorer”. The term ‘Capitalism’ was introduced in the 17th century having the meaning that government interventions should be limited in the market. Presently, the major devolved countries economy, such as America, are following the concept of a capital system. In recent years, Capitalism is blamed for the crises that occurred in 1930 and 2008 due to its instability, while others appreciate the capital system which let humans live in more developed and modern world. Although the supporters of capitalism claim that this economic system has been the most efficient …show more content…
However, capitalism has been playing an essential role of the increase of inequality in different societies. In the capital economic system, the greatest portion share of the growth is obtained by the minor wealth individuals who control the free market. According to Peet (2011), while the richest countries obtain 80% of the global income, the highest income people get 50%, and the lowest income people who are 20% receive just 5-9% depending on the country. The few people clearly get the most wealth under capitalism which unfairly extends the gap between the high and low class. Patnaik (2015) pointed out that since the largest amount of growth goes to several people, for the first time in the whole history of human being half of the population in the big cites briefly own a property or wealth. Property is unequally divided in society in the capital system. Furthermore, the inequality of capitalism can strongly reach politics especially if it is known that to be elected in the American government for example the once needs to spend millions of dollars to advertise its-self. In 2008, the cost of Obama election has goes up to hit almost a billion dollars. This means the very wealthy people only have the opportunity to become a president over the middle or low class. As can be seen, the inequality under a capital system is increasing and has gone through other field such as politics; as a result, capitalism should not be consider as the perfect economic
Jawaharlal Nehru stated that “The forces of a capitalist society, if left unchecked, tend to make the rich richer and the poor poorer”. The term ‘Capitalism’ was introduced in the 17th century having the meaning that government interventions should be limited in the market. Presently, the major devolved countries economy, such as America, are following the concept of a capital system. In recent years, Capitalism is blamed for the crises that occurred in 1930 and 2008 due to its instability, while others appreciate the capital system which let humans live in more developed and modern world. Although the supporters of capitalism claim that this economic system has been the most efficient …show more content…
However, capitalism has been playing an essential role of the increase of inequality in different societies. In the capital economic system, the greatest portion share of the growth is obtained by the minor wealth individuals who control the free market. According to Peet (2011), while the richest countries obtain 80% of the global income, the highest income people get 50%, and the lowest income people who are 20% receive just 5-9% depending on the country. The few people clearly get the most wealth under capitalism which unfairly extends the gap between the high and low class. Patnaik (2015) pointed out that since the largest amount of growth goes to several people, for the first time in the whole history of human being half of the population in the big cites briefly own a property or wealth. Property is unequally divided in society in the capital system. Furthermore, the inequality of capitalism can strongly reach politics especially if it is known that to be elected in the American government for example the once needs to spend millions of dollars to advertise its-self. In 2008, the cost of Obama election has goes up to hit almost a billion dollars. This means the very wealthy people only have the opportunity to become a president over the middle or low class. As can be seen, the inequality under a capital system is increasing and has gone through other field such as politics; as a result, capitalism should not be consider as the perfect economic