Capitalism at its best - Essay Example

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Private and public sectors coexist in the economy setting, allowing them to independently take production decisions that suit their interests and operations. In the contemporary world, capitalist practices have become the order of the day. Ownership of capital by the private…
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Capitalism at its Best Private and public sectors coexist in the economy setting, allowing themto independently take production decisions that suit their interests and operations. In the contemporary world, capitalist practices have become the order of the day. Ownership of capital by the private sector has increasingly become eminent, and so have private operations in the economy. Viatical settlements that entail sale of insurance policies by terminally ill persons (Mukherjee 1) are part and parcel of capitalism. Viatical settlement companies work with terminally ill patients to have them cash in their insurance policies.
Once the insurance policies are cashed in, they are set to be invested in by a third party. This party continues to pay the required insurance policy premiums for the policy that he/she invests in. In so doing, the original beneficiary of the insurance policy gets to utilize his/her resources before death come knocking. On the other hand, the viatical settlement company profits from such operations by getting a percentage face value of the policy transacted under viatical settlement.
After the original insurance policy holder dies, the settlement company or the third party that invests in the cashed in policy becomes the beneficiary. From the cashing in of the insurance policy to the sale of that policy to a third party, all the transactions involved are privately undertaken. On the same note, viatical settlement companies are private entities that operate alongside other private players in the economy setting. As a result, viatical settlement companies exhibit private ownership of resources, and consequently capital in their operations. These factors are the most critical when it comes to the definition of capitalism.
Capitalism continues to be portrayed at its best in respect to the risks that viatical settlement companies take in allowing terminally ill patients to cash in their insurance policies. Viatical settlement practices are highly complex and critically prone to ethical issues Accountability is a critical factor to account for in the process of undertaking viatical settlements. The legal system regulates and governs viatical settlement transactions, thereby allowing players in that market to coexist and engage in healthy competition.
The competition factor in viatical settlements further presents the capitalism aspect. Viatical settlement companies are not immune to the legal provisions that streamline business operations. Failure to comply with the set laws results in legal actions against the violators. While the legal system streamlines the viatical settlement operations, government control over viatical settlement companies does not cripple their operations. As a result, the market system that viatical settlement companies operate in exhibits key capitalist properties.
Finally, the decisions that inform viatical settlement operations are independently taken by the parties involved. Terminally ill people independently decide whether to cash in their insurance policies or not. On the other hand, the company decides on what to do with the cashed in policy after paying the original policy holder the due amount. Moreover, the beneficiary of the insurance policy only makes an insurance claim after the original beneficiary dies. These activities are highly private and involve private capital movements between the parties involved, thus presenting capitalism at its best.
Works Cited
Mukherjee, Sougata. Gambling on terminally ill draws regulators. The Business Journal of Phoenix, April 7, 1997. Read More
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