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In its purest form, capitalism refers to a condition in which the market is unfettered by government intervention. Given the involvement of politicians and the government in how the market runs, what has been occurring in recent years cannot be considered true capitalism. The traditional argument is that, while it is commonly accepted that markets operating autonomously can benefit the economy, politicians continue to believe that market powers should be regulated. However, capitalism can exist in the absence of a free market.Good examples are the systems used in Cuba, China, and the former U.S.S.R. A closer look at these nations reveals that they are more of state capitalisms than pure capitalism. The reason behind more countries frantically embracing such systems is the fact that they have the potential of boosting economic prosperity and growth based on the fact that the underlying principle of capitalism is profit making but not to satisfy the market demand.

Response 1

I concur with you because a keen analysis of what is happing in the contemporary world does not show complete concurrence with the real sense of capitalism. Given that the current systems of governance are not willing to allow total market freedom, companies have adopted to promoting consumerism and taking advantage of the fact that the society encourages the consumption of certain goods and services.

Response 2

I agree with your analysis of the statement. Capitalism is inherently made to make profits rather than providing what the market demands. It is for these reasons that companies opt to produce their products in foreign countries where the cost of production is cheap. Likewise, one of the major downside of capitalism is the creation of economic classes where the owners of the means of production accumulate and retain wealth while the others suffer in poverty.

March 15, 2023

Economics Government


Political Science

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Expertise Socialism
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