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Critical Evaluation of the Ethical Underpinnings of Capitalism - Term Paper Example

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The author of the "Critical Evaluation of the Ethical Underpinnings of Capitalism" paper tries to answer the question of whether capitalism can be morally justified or not. The author of the paper provides an ethical analysis of the philosophy behind capitalism…
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Critical Evaluation of the Ethical Underpinnings of Capitalism
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Download file to see previous pages From ‘The Great Depression’ to the recent economic recession of 2008, people have always cried out their reservations on the overall capitalistic system. The recent Occupy London is another attempt by the general public to raise their voices against ruthless capitalism. It should be seen as an extension of the overall public dissatisfaction about the economic system that governs the lives of everyone. Increasing unemployment and rising costs are the main motivators behind the protest. 

Capitalism is an economic system that argues in favor of private ownership of means of production. The system is based on the idea that people should earn as much as they work, and they should also be free to sell their labor to an employer in return for a payment. The system of capitalism became dominant in the 19th and 20th centuries in Europe and America.

The main criticism of capitalism is that it celebrates greed. There is no limit on the accumulation of wealth and people are free to own the proceeds of their ‘hard work’. This makes them greedy and they want to hoard more and more money. People are only motivated by profits therefore they can go even beyond public good to fulfill their desires. The freedom given to people, in capitalism, is tremendous to a level that it may be detrimental for the public good.

The criticism of capitalism is not easy to ignore. It is true that capitalism attracts crises as honey attracts bees. The economic recession of 2008 is an example that caused troubles for the whole world especially the developed world. The cost of the crisis was actually paid by the general public as they even today face unemployment and inflation.

The problem with capitalism is that it accumulates wealth in the hand of the rich ‘few’. Corporations become stronger and stronger, by earning more and more profits but this wealth is not trickled down to the people. Also in the wake of a crisis people are forced to pay out from their pockets (bailout packages) for these rich corporations, as happened in 2008. ...Download file to see next pages Read More
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