Pros And Cons Of Capitalism

Capitalism is an economic and political system in which industry and trade are managed by individual owners for profit, rather than by the government. There are both benefits and negative consequences to the system of capitalism because of this it is in my opinion impossible to reap to reap the benefits of capitalism without experiencing any of the negative consequences. An incredible benefit to capitalism is that it provides people opportunities to reach absolutely incredible heights. People have the opportunity to accumulate absolutely incredible amounts of wealth through hard work. Laziness is by no means rewarded in a capitalist system. People such as Ken Langone, the CEO of Home Depot can come from virtually nothing and turn their hard work and intelligence into billions of dollars. This places a great amount of accountability on people when they know that in order for them to be
There are massive drawbacks to the system. Probably the most publicized drawback is the economic gap that occurs in a capitalist system. The New York times article by Peter Georgescu sums this up really well by stating that “For the top 20 percent of Americans, life is pretty good. But 40 percent are broke.” By saying that they are broke he means that 40 percent of people in America spend more money than they actually have. As stated earlier, capitalism gives people the ability to accumulate great wealth,but it also lends itself to the complete opposite where many people are actually quite poor. This a massive issue for obvious reasons and it is without a doubt one of the massive drawbacks of capitalism. Another negative of capitalism is that many people struggle to get the social services that they need to live healthy lives. Around the world healthcare has become incredibly widespread and accepted as a human right. In America (a capitalist nation), there are still a great amount of people that live day to day without