Capitalism: Benefiting the Public Good

In the purest form of capitalism, which is a laissez-faire economy, power is concentrated in the hands of private individuals or businesses that own capital goods. The government plays only a secondary role in the country’s economy, so the decisions made by businessmen are unrestrained. Aiming to get a higher profit, individuals facilitate the economic growth of the country. As a result, the gross national product increases, as well as the living standards of people. Also, since capitalism provides for the free-market economy, the market is highly competitive, and goods and services are distributed based on the rules of supply and demand (Commons, 2017). Thus, society benefits from the best products sold at the best price.

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Unlike socialism, capitalism is unthinkable without a constantly changing order. This means that the right-wing ideology continuously seeks innovation inefficient production methods, resource utilization, and new products. Therefore, people not only have the possibility to buy whatever they want but they are also enabled to decide where they want to buy it. At the same time, workers can earn as much money as they want since they get paid depending on the value of their work.

Justice in capitalism is viewed in terms of liberty rather than equality. In other words, capitalism does not provide for the equal distribution of resources, yet it allows everyone to make his or her individual decisions (Fulcher, 2015). If people want to earn more, they can start their own business. If customers want to buy better products, they are offered a wide range of choices. It is worth mentioning that since the government does not play the primary role in a country’s life, people have more political freedom, as compared with countries with a mighty central government.

References

Commons, J. R. (2017). Legal foundations of capitalism. London, UK: Routledge.

Fulcher, J. (2015). Capitalism: A very short introduction (2nd ed.). Oxford, UK: Routledge.

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StudyCorgi. 2021. "Capitalism: Benefiting the Public Good." June 5, 2021. https://studycorgi.com/capitalism-benefiting-the-public-good/.

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StudyCorgi. (2021) 'Capitalism: Benefiting the Public Good'. 5 June.

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