capitalism

•Find out who are the great thinkers of the economic system?

John Maynard Keynes


•What are the advantages and disadvantages of capitalism?

The advantages of capitalism are the government has limited control over business, which lets business compete. Capitalism lets people choose what kind of work they want to do and where they want to work. Capitalism lets people decide what they want to do with their money if they want to put it into a retirement account or in the stock market.

The disadvantages of Capitalism are barriers between people in terms of how much wealth they have or how much money they make. Another disadvantage of Capitalism is that government control is so limited that it lets a few businesses to dominate their industry and then they become able to make the rules for their industry.

The advantage is that it provides people an incentive to produce work and innovate, which benefits all of society. If everyone was paid the same amount of money, there would be little incentive to come up with new ideas, work harder, or put in the extra effort to produce higher quality products.

The disadvantage is not with capitalism itself, but with how it is implemented. Without adequate regulation to make sure that businesses do not destroy our environment, cheat the purchasers of their products, create shoddy and dangerous products, or cheat and abuse their employees, the owners of capital will become unfairly rich while the workers and consumers will suffer.

•Find out which countries currently use the economic system you are studying?

•The US
•Japan
•India
•China