Capitalism Essay

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Capitalism has never been dead and will be here for at least the next century. In a world where the market is filled with imperfections, it is in order for the government to interfere to restore order in the market. Increased concerns over the 2008 market collapse prompted the government’s to take charge of their responsibility and act. Capitalism is a system of government that favours individual growth with minimal government interference. The opposite of capitalism is communism, where the property owner is the state, and the main aim is social welfare enhancement. A mixed economy embraces the two and balances between the extremes. Many countries across the globe have adopted a mixed economy as it reduces the losses suffered by the countries that practice the extremes. Capitalism has been known to be responsible for growth of economies among them, the United States, Britain, and other developed countries. In this essay, we shall examine the future and nature of capitalism in the light of a mote communist future.
Keynesian school of thought has been widely in application in the modern day. The markets have frequently veered off the rail and necessitated governments to interfere (Fazzari, and Variato, 1994). John Maynard Keynes is one of the most influential economists of the modern day. In his book on the general theory of employment, we realize that the private sector decision making sometime leads to imperfections in the market and, therefore, there is a great need for the governments to interfere to correct them (Keynes, 1937). Some of the imperfections that we witness in a market controlled by the private sector include monopolies, unemployment, black markets, cartels as well as hoarding. There is thu...

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...alism and communism are ending. This is because countries have realized that there is a need to take care of the overall societal welfare as opposed to concentrating on the welfare of a few, or many people who do not work and wait upon others to work and feed them. There will not come a time when capitalism will be completely gone. However, a day is coming when there will be equality of opportunity and people will be able to determine how much they earn from how they work. Additionally, there will be increased social welfare where, all people will have access and will afford necessities just as is the case in the developed countries. Deficits will be by choice since people will be accorded a chance to flourish and make the best of their efforts. Unlike in capitalism where the system favours a few people, one will have a chance to compete from an all-equal platform.

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