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Ethics: Economic Justice and Political Theory - Essay Example

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As a political system, capitalism is based on the individual rights and the primary of individuals to choose their own paths whatever that may be with little or no intervention from government. It is founded on the system of laissez-faire or freedom which provides us the…
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Ethics: Economic Justice and Political Theory
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Download file to see previous pages I am well aware that capitalism has its shortcomings and often criticized to be a dog-eat-dog political system, where only the fittest survive. But just like democracy, it can be horrible but it is still the best political system that we have ever tried. Its shortcomings can easily be addressed by its strong aspects.
Whether we like it or not, capitalism is the most productive economic system which is now prevalent in the western world particularly the United States (Yale University, 2012). The mechanisms of the market such as competition enable companies to be more efficient and competitive making them more durable which translates to a stronger economy. A stronger economy in turn can provide more opportunities and better wages to the citizens living in that political system providing them the best economic justice. People can then earn their lot depending on their preparation (education, experience), initiative and hard work. Unlike communism where the government doles out economic benefits, people have to earn it in capitalism. Those who are ill prepared and lack the drive and will to work harder may fall behind but still, their economic condition is still way better than those other countries with other political system such as North Korea. Their wages are higher compared to other political system because they have a stronger economic system and thus, translate to a stronger purchasing power which is a very favorable consideration of providing economic justice to its citizen. This provides the people who reside in a capitalist society such as United States a better living condition. And because the economy is strong, the government can afford to provide better social services such as free elementary and highschool education to its citizen which would prepare them as a participant in the country’s economic system in the future.
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