Essay on Capitalism

1717 Words Feb 18th, 2012 7 Pages
Capitalism can be defined ideally as an economic system in which the major portion of production and distribution is in private hands, operating under what is termed a “profit” or “market” system.
Socialism is an economic system characterized by public ownership of property and a planned economy.
Capital, as an economic concept, is closely related to private property.
When traditional restraints are removed from the sale of goods and from wages and when all individuals have equal access to raw materials and markets the doctrine of laissez faire, from the French meaning “to let people do as they choose”.
Oligopolies—a concentration of property and resources, and thus economic power, in the hands of a few.
Corporation—an artificial
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As Wal-Mart grows and grows, its competitors fall by the wayside, consumer choice narrow, and it exerts ever greater power as a cultural censor. It chooses the products by its own reason.
(2) The bad treatment of employees. As it talked about in case 4.5 Wal-Mart is anti-union and pays low wages. Its labor costs 20% lower than other unionized supermarkets, and most of its 1.4 million employees must survive without company health insurance. Especially in China, it hires labors as very low wages like 1 dollar per hour.
(3) The outsourcing of jobs. Because of the low wages, warm art likes to build more factories in China to reduce their costs, but this way may decrease the job opportunities of Americans. On the other hand, Wal-Mart’s hard line on costs has forced many factories to move overseas, which sacrifices American jobs and holds wages down. However, every coin has two sides. Wal-Mart can become the world’s largest company; its corporate philosophy is still worth to learn by other companies, like respect individual, prefect customer service and the pursuit of excellence.

5 Some who defend advertising argue that the images of glamour, sex, or adventure are used to “sell products” but that these images are also what we, the consumers, want. That is, besides the products themselves, we also want romance or sophistication or status. As such, by connecting products with

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