Summary of Counter-Argumentative Evidence for Capitalism

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Status: Finished  |  Genre: Non-Fiction  |  House: Booksie Classic
*A summary based off of a text found within a database; works cited page included, as this is a formal text, along with (mostly) proper MLA formats*

Submitted: March 14, 2016

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Submitted: March 14, 2016

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Zuniga 1

Dan Zuniga

Borcherdt

English AS

2nd Period

3-10-16

The Counter-argument for Capitalism

“To what extent does living in a capitalistic society affect us? How is it connected to power and what can we do about it?”

In the article entitled “What is Capitalism? Back to Basics,” Sarwat Jahan and Ahmed Saber Mahmud argue that capitalism is the best system used to control and maintain an economy because the essential pillars of capitalism outline the idea of free enterprise, self-interest, competition, a freedom of choice, and withholds to a limited form of government. One piece of evidence that supports the idea of free enterprise and self-interest states that, “...through which people act in pursuit of their own good, without regard for sociopolitical pressure. Nonetheless, [these] uncoordinated individuals end up benefitting society as if an invisible hand were to be guiding [them]” (Jahan & Mahmud 1). In this quote, the authors refer to the individuality of every capitalistic mind and refers to them as seeking their own wealth, not entirely, and simultaneously not fully for themselves, but rather for what we might call, ‘the greater good.’ Consequently, however, this can often be painted in a bad light, as many would see capitalists as ‘greedy and unrestrained,’ and those who could simply not part with a single dollar. However, the fundamentals of capitalism mention that, “...The coordinated market economies are based off of non-institutionalized recreation of federal and state wealth, and thus the wealth be shared

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equally among those who have amassed the [said] wealth” (Sarwat and Jahan 2). That is to say, if you have earned the money and worked hard, there is no reason you should not be wealthy, and thus be viewed as a capitalist. However, wealth inequalities, poor economic management, and greed have become the faces of capitalism, and anyone who can be considered one of the said, ‘power elite,’ are also to blame for the growth of an almost  unassailable devastation. However, despite these shortcomings which arouse the human mind towards amassing wealth, the authors make the argument that, “free markets may not be perfect, but they are probably the best way to organize an economy” (Sarwat and Jahan 1). This is to compare capitalism to the other definitive economic approach, socialism, in which, “[the] state owns the means of production, and state-owned enterprises seek to maximize social good rather than profits” (Sarwat and Jahan 1). Socialism, while promoting the idea of a means of production that is more evenly spread, is not a move towards itself, but rather a stepping-stone, according to research done by authors Sarwat & Jahan, who described it as, “a necessity in of them both, [to find] a balance where capitalism exists as the progenitor to socialism, stemming as an idealistic form” (Sarwat and Jahan 2). We take this to mean, simply put, that socialism is not strong enough to support itself, but rather leads to a by-product as capitalism. Despite the shortcomings of capitalism as we see them, the very process which led socialism to capitalism, namely the concentration of wealth, distribution of condensed to free markets, and the role of government changing throughout both systems shows us that the same could happen from the imperfect capitalist society to something more refined. Likely, it is even possible that socialism leads to capitalism, which leads back to socialism, like a cycle that gets stronger with each iteration.

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Ultimately, the author wishes us to consider how capitalism tackles the various problems that simultaneously exist as benefits, although in less frequency and volume. How do we stifle out the concentration of wealth? Where is there a more perfected system than one, two, or possibly more than we have ever seen in history as to how to manage economies and, subsequently, entire nations? The significance of this text is found in the vibrancy and sophistication for which evidence blends with commentary, an argument is presented with a challenge, and the way it nags the mind. In addition, this nagging can lead to critical thinking, and is one gateway towards allowing distance to reflect upon how history has handled its current economies, and where we expect it to head lest it continue the trends that re-occur, time after time.












 

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Works Cited

Jahan, Sarwat, and Ahmed S. Mahmud. "What Is Capitalism?" Imf.org. Imf.org, 7 June 2015. Web. 03 Mar. 2016.

 


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