HOW IS THE U.S UNDERSTOOD AS GREAT CAPITALIST POWER - Essay Example

Capital accumulation, very competitive markets and wage labor feature capitalism. In such an economy, the transacting parties often and typically control market prices. The intensity of competition, the intervening role and scope at which the public owns various assets vary within various models of capitalism (Friedman 2009). Annalists have come up with diverse perspectives of capitalism; laissez-faire, welfare and state capitalism with each showing different level of dependency (Friedman 2009).

It is this economic system that US thrives in and is thus regarded as a capitalist power. America is predominantly viewed as a capitalist economy. According to Karl Marx, it entails a situation in a minute group of people seize control of the economic points of prosperity in a nation and influence key economic decision (Friedman 2009). We see this America today. America after the world war emerged as the supper power together with Russia. However, it successfully reduced the dominance of Russia through the cold war and promoted its capitalist ideas in most part of the world (Phillips 2009).

This is an evidence of a hungry nation fighting to be at the summit of controlling key economic decisions in the world her own gain. The history of America reveals the ideal trait of capitalism. As early as the 17th century, America had started importing slaves from Africa to work in their land (Phillips 2009). The American farmers and owners of industries hugely needed more labor to maximize their profits. Slaves were thus imported from Africa and were subjected to forced labor, meager or no wages at all and physical oppression at work so as to be productive (Phillips 2009).

At the end, individual citizens who employed dearly the service of the slaves became rich and generated a lot of wealth while the slaves anguished in abject poverty and depression. Class