Links to full-text essays on qualifying offers custom essays on a book by color rating or. These results are sorted by milton friedman originally published in economics and politics. Links to a failing system based on amazon.
While some people own means of production, or capital, most of us don't and so to survive we need to sell our ability to work in return for a wage, or else scrape by on benefits.
This first group of people is the capitalist class or "bourgeoisie" in Marxist jargon, Essay on capitalism the second group is the working class or "proletariat".
See our introduction to class here for more information on class. Capitalism is based on a simple process — money is invested to generate more money.
When money functions like this, it functions as capital. For instance, when a company uses its profits to hire more staff or open new premises, and so make more profit, the money here is functioning as capital.
As capital increases or the economy expandsthis is called 'capital accumulation', and it's the driving force of the economy.
Those accumulating capital do so better when they can shift costs onto others. If companies can cut costs by not protecting the environmentor by paying sweatshop wages, they will. So catastrophic climate change and widespread poverty are signs of the normal functioning of the system.
Furthermore, for money to make more money, more and more things have to be exchangeable for money. Thus the tendency is for everything from everyday items to DNA sequences to carbon dioxide emissions — and, crucially, our ability to work - to become commodified.
And it is this last point - the commodification of our creative and productive capacities, our ability to work - which holds the secret to capital accumulation. Money does not turn into more money by magic, but by the work we do every day. In a world where everything is for sale, we all need something to sell in order to buy the things we need.
Those of us with nothing to sell except our ability to work have to sell this ability to those who own the factories, offices, etc. And of course, the things we produce at work aren't ours, they belong to our bosses. Furthermore, because of long hours, productivity improvements etc, we produce much more than necessary to keep us going as workers.
The wages we get roughly match the cost of the products necessary to keep us alive and able to work each day which is why, at the end of each month, our bank balance rarely looks that different to the month before.
The difference between the wages we are paid and the value we create is how capital is accumulated, or profit is made. This difference between the wages we are paid and the value we create is called "surplus value".
The extraction of surplus value by employers is the reason we view capitalism as a system based on exploitation - the exploitation of the working class. See this case study on the functioning of a capitalist restaurant for an example. This process is essentially the same for all wage labour, not just that in private companies.Capitalism and the Corporation Essay.
definition of stakeholders, and the effects of social democracy on capitalism. By definition, a corporation is a fictitious legal person separate from the people that formed it and its existence can be traced back to early Greek civilization (Williston, ). Capitalism and Communism are two entirely diverse economic systems.
Capitalism is an economic system characterized by freedom of the market. Capitalism has many pros to go along with its economy.
Free Essay: Due to the limited resources and unlimited human wants, whole world faces problem of scarcity. Therefore, capitalism is needed to solve these. For the longest time, capitalism and socialism have been two of the most argued and debated topics.
Many view socialism as the better choice because it evens out and distributes the wealth so not. My essay will be based on the following the definition, characteristics’, types of capitalism and socialism, features, socialism as alternative to capitalism and social change and economic development.
TABLE OF CONTENTS Introduction 1 History of Capitalism 2 Features of Capitalism 3 The Workings of Capitalism 4.