Nature of capitalism - Essay Example

Introduction Capitalism is a type of economic system in many countries controlled by private proprietors with amotive of profit making in a market-economy. This kind of economic system mainly comprises of business, manufacturing and trading as means of production. The main characteristics of capitalism are competitive markets, wealth growth and salaried labor. This essay will support the thesis statement based on unethical effects of capitalism.Thesis Statement “Unethical effects of capitalist based economic system”.

DiscussionCapitalist based economic system is a natural progression for individual development where people seek profit by participating on a free market. Capitalism is highly accepted in modern society so it is hard to understand its unethical effects in the society. It can be observed only with correspondence to other societies who does not have a capitalist based economic system. Capitalism can lead growth and help in nation’s development but it has several adverse affects according to studies by professionals.

A capitalist based society can lead to unfair rights to citizens and hence it creates imbalance in the society. According to a leading philosopher Karl Marx, means of production should not be owned privately as it gives unfair amount of power to capitalists. The owner of means of production can suppress other individuals with low power and end of being rulers. This observation of Karl Marx has significant importance as it is clearly visible in the economic system of modern society. Capitalism leads to less rights and importance to ordinary citizens compared to high profile citizens.

This type of unfair rights and inequality is not a very good picture in the modern society. There is an important observation taken from the theory of one of the founders of capitalism, Adam Smith. According to Adam, capitalism is beneficial to everyone in a society that rises from a profit making motive and selfishness. This argument is sufficient enough to show that capitalism is unethical for the society. The moral value in a society goes for a toss with rise of capitalism and society gets divided into two parts the upper class and the lower class (Cudd and Holmstrom 66).

This kind of division is not supportive for moral values and ethics in the modern society and in turn leads to inflation, loss of jobs, insufficient workers compensation. In a capitalistic society there is less influence of Government. In addition to this, less-efficient workers lose their jobs without proper circumstances. Growing power in hands of capitalists is not good for middle and lower class people in any situation. Nation’s development should not be based only on the calculation of gross-income.

Development should also include moral and ethical values in order to enrichment of a peaceful and high-culture society. Hence in support to the thesis statement this discussion reveals some important examples and theories that shows capitalism is unethical.ConclusionBased on the above discussion it is clear that capitalism has many disadvantages over culture and ethics. Capitalism is responsible for in-equality in the society. There should be proper measures taken to reduce the adverse effects of capitalism in ethics.

The economic system should be designed in such a way that culture and ethics remain intact for peace and prosperity in a society. Work CitedCudd, E. Ann, and Nancy Holmstrom. Capitalism: For and Against. London: Cambridge University Press, 2011. Print.