Capitalism, wheter you like it or not, is the main economic ideaology of the world. And seems to be remained so for the forseeable future.
It introduced many people the opportunities to start a business and earn a living for themselves. Those businesses, by nature and in theory, will compete with each others in their respective markets, wheter by selling stuffs cheaper or by other means. Since customers have a lot of choices to choose, this will create incentive for companies to offer their customers with the most bangs for their bucks, or else they would go bankrupted. It is also regarded as the driving force behind innovations, since it's one way that you can stay ahead of your competitors.
But it is also said that due to the nature of the system, The bigger business will almost always outcompete the smaller ones. Eventually there will be only one or a handful companies doing a certain business left and it will creates monopolies, which is exclusive control by one group of the means of producing or selling a commodity or service. Those who held monopolies can charge as much as they want, because they're the only one left selling them. It's also believed that the rich may rigged the system since they can lobby politicians to pass laws that favored them. Many also criticised capitalism for creating wealth inequalities and labor exploitations.
What are your thoughts on this economic system?
It introduced many people the opportunities to start a business and earn a living for themselves. Those businesses, by nature and in theory, will compete with each others in their respective markets, wheter by selling stuffs cheaper or by other means. Since customers have a lot of choices to choose, this will create incentive for companies to offer their customers with the most bangs for their bucks, or else they would go bankrupted. It is also regarded as the driving force behind innovations, since it's one way that you can stay ahead of your competitors.
But it is also said that due to the nature of the system, The bigger business will almost always outcompete the smaller ones. Eventually there will be only one or a handful companies doing a certain business left and it will creates monopolies, which is exclusive control by one group of the means of producing or selling a commodity or service. Those who held monopolies can charge as much as they want, because they're the only one left selling them. It's also believed that the rich may rigged the system since they can lobby politicians to pass laws that favored them. Many also criticised capitalism for creating wealth inequalities and labor exploitations.
What are your thoughts on this economic system?