Capitalism Essay

1433 words - 6 pages

Capitalism


Throughout my duration in college, business has
been my major area of concentration. Capitalism is the
most central and consequential topic which has to do
with business. The ideals of capitalism, over time,
have faced much scrutiny. Many great minds within the
past two centuries have discredited capitalism, for the
virtues of socialism and the whole of society. It is
my intent to put forth a moral justification of the
ideals behind capitalism.
Ayn Rand said “The moral justification of
capitalism does not lie in the altruist claim that it
represents the best way to achieve the ‘common good’.
It is true that capitalism does, if that catch phrase
has any meaning, but this is merely a secondary
consequence. The moral justification for capitalism
lies in the fact that it is the only system consonant
with man’s rational nature, that it protects man’s
survival qua man, and that its ruling principle is:
justice.” In other words, the common good is best
achieved through capitalism. This is not because that
is its main purpose, but because it is a secondary
consequence. Because the common good is merely a
secondary consequence and not the primary purpose of
capitalism, it is seen by some to be a necessary evil.
However, I view it as simply necessary. Capitalism is
an economic system in which investment in and ownership
of the means of production, distribution and exchange
of wealth is made and maintained chiefly by private
individuals or corporations. Capitalism respects the
rights of the individual to set and fulfill his own
goal and to achieve his own happiness. Therefore,
capitalism is not only practical, but morally sound, as
well.
Capitalism is about the creation of wealth. Wealth
tends to be created more abundantly in a society of
laissez-faire capitalism. The ideas behind the
argument for capitalism are simple. Assuming that
consumers are most concerned with their own self
interest, the demand for goods that are the most useful
or helpful for society will arise. Assuming, also,
that producers are most concerned with their own self
interest, they will further their own cause by striving
to produce those goods which will be the most useful to
society at the lowest possible cost.
Many economists have debated that capitalism is
practical because it allows each individual to align
their actions with their own thoughts, instead of
acting under the demands of bureaucrats. A multitude
of minds attack each problem under capitalism. The
successful thinkers thrive because they are able to see
the opportunities that the other thinkers do not.
They think of new products and come up with more
efficient production methods which are innovative to
their field. Everyone is able to begin a business,
raise money, and market his own product in a free
market, and each individual thinker is free to use his
own ideas, and his success or failure is based on the
merits...

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