The Capitalist World Is An Economic System Depicted By Private Or Corporate Ownership Of Capital Goods

1701 Words Nov 3rd, 2016 7 Pages
Introduction:

Capitalism is described as an economic system depicted by private or corporate ownership of capital goods, by funds that are influenced by private decision; and by prices, manufacturing, and circulation of goods that are influenced by competition in a free market. In other words, it is a system in which we live where it is failing to meet the necessities of the majority of the world’s population. Under this system, only a small portion of citizens are in control of the planets capital and resources. As more wealth and power is gathered, money and factories are moved to accommodate to keeping profits high and wages low. Ultimately, the amount of profit acquired is more important than people and the environment. Adam Smith is often referred to as the “father of capitalism,” as he laid the groundworks of classical free market economic theory. In addition, he believed the ‘invisible hand’ would sustain the market without government intervention and can lead to economic prosperity. Essentially, the capitalist world is an enormous organization of the production, distribution, and sales perfused with possessions. Capitalism encourages corruption, economic inequality, individualism, and consumerism.

Wages:

Wages are the price for labor, and is the payment employees require for putting in their time and efforts. The minimum wage, which is the lowest wage rate an employer can pay its employees, creates an excess number of workers. There are more workers who are…

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