The Benefits Of Capitalism

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Douglas A. Irwin argues about the benefits of capitalism in his article titled “The Ultimate Global Antipoverty Program” which explains how capitalism contributed to the “greatest reduction in global poverty in the history of the world” (Irwin 1). According to Irwin, thanks to different previously poor economies switching to a more capitalistic system, there were major declines in poverty and overall economic improvements. The idea of different economies and ways of running governments is very relevant today due to the issues with politics, poverty, and the human quality of life being caused by oppressive, unethical and controlling governments. The article shows that capitalism can help reduce poverty, increase economic growth and wealth, …show more content…
There are bad sides to every situation and capitalism isn’t an exception. Capitalism can make the rich get richer which prevents the poor from gaining the money that the rich are taking, but it can influence people to get ahead and rise above poverty. For instance, capitalism creates situations where government decisions are swayed by the wealthy and large businesses since they help fund election campaigns. This is definitely true with the popular debate about Net Neutrality. Large companies like Verizon will benefit from getting rid of Net Neutrality because they will be able to charge people in order to allow them to access to things on the internet faster. On the flip side, there will be “serious consequences for smaller or more diverse web services that will no longer be protected from providers either slowing their traffic or pricing them out of the market altogether” (Bell, “Why we Should be Wary of Ending Net Neutrality”). This is a prime example of how capitalism can go bad by having the wealthy take away the money of the less wealthy through capitalism. Of course, it has undoubtedly helped reduce poverty in other countries who had previously terrible economies, but Capitalism isn’t a perfect

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