Pros And Cons Of Capitalism

Can capitalism be just? Capitalism does it work and is it just? In the world of today we live in a capitalist system. However, there are some who oppose this system, and some who favor it. Others claim it is unjust to the working class, and others accept its outcome. The main question that will be discussed is whether capitalism can be just, and is socialism better. 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. Capitalism is a free market where the people can sell, and trade without having external interference. In theory, it all sounds great, but in practice it doesn’t always turn out that well. Milton Friedman debates the pros and cons about capitalism. He states that monopolies can arise and inhibit effective freedoms from a capitalist system. However, he goes on by saying “government is essential for determining the rules of the game …show more content…
Jerry Muller talks about how inequality is increasing in a capitalism system due, to the bourgeoisie ruling the free market (Muller). Although, it creates a strong and advanced market it can create inequalities for the working class. However, he goes on by saying that the people have the power to elect the government officials to help address the problem. A capitalist democracy system can help solve these inequalities, but it is up to the people to fix it. As we have discussed there are several negative affects about capitalism, but is socialism better? In Hoffman and Graham’s book “Socialism” we find that socialist tend to have a utopian view of society (216). Which in theory sounds appealing, but in practice it fails to play out. The idea that one can create a perfectly equal society sounds interesting, but realistically impossible. Socialism tends to aim on making everyone equal giving them equal respect. What can be the outcome of such