Benefits And Drawbacks Of American Capitalism - 996 Words

In this social constructed economic system there are benefits and drawbacks to American Capitalism. Capitalism is the idea of a free market based economy wherein that economy is organized by individual people and companies rather than the government. This type of economy, in essence, promotes cheaper goods bought and sold, less waste, economic growth, innovation, and overall fairness. However, the American dream is not all it takes in order to pave a path to economic success in our society. In fact, some would argue that American capitalism is the very foundation to social and economic collapse within a class based system. Capitalism has a way of taking advantage of the most vulnerable members of society by promoting corporate monopolies, a blind eye to social benefits, inherited wealth, as well as social divisions and unrest based on inequality. In an age and country where technology has given us so much abundance, there is still so much suffrage within our communities. Capitalism is best known for encouraging innovation and the advancement of bigger and better technology. A sense of competition is continuously promoted and encouraged by the free market in order to produce an out with the old in with the new and affordable mentality. In this economy time is money and waste is eliminated with market demands. In theory, everyone seems to benefit from a motivational stand point. If you work hard, if you want it bad enough, you will be able to afford a higher standard ofShow MoreRelatedNeoclassical Economics Vs. Keynesian Economics1583 Words   |  7 PagesThe post -Second World War growth period, which is called Golden Age of Capitalism, has a great influence in human economic history. During the period of time, a great many of the capitalist countries have dramatically increased their economy and prosperity, such as United State which has a substantially economic expansion at an average rate of 3.5% annually between 1945 and 1970. 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