Capitalism And Its Impact On The Middle Ages - 954 Words

Capitalism dates back all the way to the middle ages where it was used as a practice of merchant capitalism. Since then it has been practiced in famous societies such as the Soviet Union. Capitalism is being used less and less to date. Like any economic society, there are pros and cons. Capitalist societies are huge proponents to economic growth. It offers things such as incentives, which allow for economic expansion. This is completely different to that of other societies such as communism, where there is essentially no economic growth at all. Another positive about capitalism is that it is believed to be very efficient. Any product or service that is in demand is then supplied with that need. While these things all sound great, there are still some major flaws within capitalism. One of the largest, and in my opinion the most significant, is the ability to form a monopoly. When companies are able to have so much power, and one starts to take over, it disrupts everything. They now have all control over the product or service they produce and can do just about anything with it. When that product is in desperate need they can increase the price as much as they want, and people will be forced to pay it. Leading off of that, it also presents a large ability to have large gaps in wealth. If one company dominants the industry then the workers for all of the other companies are not bringing in revenue, and therefore not making any money. No money for the company means no moneyShow MoreRelated The Human Condition: Freedom Expropriated by Corporations Essay903 Words   |  4 Pagesfoundation on which American society is grounded, and are particularly useful for looking at America t oday. American citizens have been displaced from the Arendtian model of the modern age. The American government has lost its freedom by having been expropriated from the realm of freedom in the vita activa. 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