Capitalism and Society

Paper Summary:

This paper discusses the definition of capitalism and how capitalism affects the individual and society. The paper concentrates on discussing the value of property and ownership and how concentrated ownership of capitalism is against the benefit of the society. The paper also discusses the success of capitalism and compares it briefly to communism.

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Analysis and Evaluation

From the Paper:

"It is however important to remember that the capitalist has not become civilized as a result of education in ethics or increased awareness of the norms of humanity. If that was the case, the capitalists of the developed world would not be supporting the exploitation of the third world countries under the new globalization policies. The urge to maximize profits, at the cost of all other decent practices has to be controlled by accountability. The democratic process, accountability that comes with a genuine democracy and free media has been critical to the development of a decent capitalist economy. The social accountability, concern for the environment, standards for quality and continuous monitoring of business practices are essential to ensure that the exploitative parts of capitalism do not raise their ugly head."

Sample of Sources Used:

• Education & Capitalism, Chapter 4-What is Capitalism, 2003, [Online] Retrieved from Internet on 29 March 2003, http://www.hoover.stanford.edu/publications/books/fulltext/edcap/81.pdf
• Price, G., Understanding Capitalism Part I: Capital and Society, 2003, [Online] Retrieved from Internet on 29 March 2003, http://www.rationalrevolution.net/articles/capitalism_economy.htm

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