Is Competition A Good Thing? Essay

993 Words Sep 27th, 2016 4 Pages
Competition is a good thing. Competition brings about the best in us. So why not make an economic system that values competition. Sounds good, right? And thus, with this train of thoughts comes modern capitalism. Capitalism has been ingrained in human society for centuries. Merchants way back had been practicing a smaller, more localized form of capitalism before capitalism rose to industrial, and eventually to a global age. Capitalism can bring about a rapid growth and abundance in the economy and increase the collective wealth of a society. However, like all things, the concept, and practice, as well as capitalism itself is not perfect. In fact, according to socialist criticisms, capitalism might as well be a grotesque and horrifying thing wearing a beautiful, captivating mask. Socialist criticisms accurately and convincingly outline the faults, gashes, and fractures of the calamitous nature of capitalism. Capitalism was a revolutionary concept. It was extremely attractive. It allowed rapid growth to the economy, and provided abundant goods in exchange for capital, or money. However, as attractive as this is, it had big glaring issues. It, as Karl Marx said and socialists say, sows the seeds of it’s own destruction. Capitalism is unstable. It is prone to crises; it constitutes a cycle of rapid growth followed by plateaued of recessed growth. It relies on workers to produce goods. During such crises, a chain reaction happens; a worker is more likely to lose his job. This…

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