Capitalism Is A Way Of Organizing An Economy Essay

Capitalism Is A Way Of Organizing An Economy Essay

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Within a small period of time, capitalism has emerged as one of the dominant economic systems in the world. Although different ideas were implemented dating back to medieval times, none been able to produce the same freedom offered by Adam Smith’s laissez-faire capitalism over the last few centuries. According to Merriam-Webster dictionary, capitalism is a way of organizing an economy so that the things that are used to make and transport products are owned by individual people and companies rather than by the government. It gives fiscal freedom and responsibility to individuals instead of a centralized government.
Over the years, capitalism has brought great wealth, innovation and well-being to many countries around the world, notably the United States and its citizens. Although government should and always will play a role in a free-market economy, it should be the very limited and must not succumb to the imperfections of socialism, not to say capitalism does not have imperfections itself, in order for its economy to prosper under capitalism in a health manner.
On many occasions, capitalism has revolutionized the world. In the 18th century, it moved society from an agrarian-based to industrial-based, starting in England, where the conditions were just right in order for entrepreneurs and factories to prosper. Technological advances in agriculture made it possible to produce more yield in less amount of time with less amount of people, this allowed for a great migration of people towards urban areas where many sought jobs in factories. A free-market economy allows for innovation; it allows those anxious risk-takers to get their revolutionary ideas out there in hopes of obtaining fortune and prominence. Various inventions throug...

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...ond industrial revolution, so that workers won’t be mistreated at every single job they get hired. However, history has shown that a complete take-over of the private sector and its production by the government, also known a socialism, tends to inevitably fail and must be replaced with a freer economic system, one big example is China’s bursting economy after loosening its hold on the marketplace. Laissez-faire economics may not be flawless, yet neither is its counterpart.
Although it may seem imperfect at times, no other economic system has produced as much growth and prosperity as capitalism. It is best to keep the government out of the economy, only letting it play a minute roll, in which it brings justice and encourages people to contribute to innovation, in order to let the free market and each individual thrive; in consequence, we all benefit from this system.

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