Strengths And Weaknesses Of Capitalism Essay

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1. What do you see as the strengths and weaknesses of capitalism? Give some examples: Strengths: • Sense of free agency and choice all around • Incentive to work and create • “miracle of exchange” • Natural way to allocate Resources • Controls prices and profits through natural law of supply and demand- less supply and more demand= prices up • In human nature • Social Good • Equality • Greed that causes competition • Democracy • Growth • Happiness • Harmony. Weakness: • Dishonestly • Greed • Unstable prices • Instable production line • Inequality • Waste • Starvation • Anti-socialness • Capitalist system • Advertising • Propaganda. 2. How does the principle of economic freedom operate in the systems of capitalism, socialism, and the United Order? Economic freedom operates in capitalism, socialism and the united order in the…show more content…
It operates in an atmosphere of freedom, creates incentive to work, allows for the “exchange of goods and services” resulting in higher standards of living and growth, it provides for harmony in the basics of human nature by fulfilling and increasing the desire to work and create in the human spirit. Furthermore, it works as a natural way to allocate resources and control prices, profits through the natural law of supply and demand. Its opposite is socialism which is the rule to create “equality”. Under this economy it provides for job security, health care, finances based on government’s bureaucratic decisions. It puts the nation’s total economic welfare in the hands of a dictatorship by means restricting the agency of man. There is less incentive to work, increase knowledge or even own property because it is all considered state owned under this economic device. Finally, the economics of the united order are based on three key elements. First we have to understand and come to the knowledge

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