Capitalism is an economic system based on private ownership of the means of production and the creation of goods and services for profit. Central characteristics of capitalism
include private property, capital accumulation, wage labour and competitive markets.
include private property, capital accumulation, wage labour and competitive markets.
Welfare capitalism is capitalism that includes social welfare policies.Welfare capitalism
is also the practice of businesses providing welfare services to their employees.
is also the practice of businesses providing welfare services to their employees.
REVIEW:
If an environment has the symptoms of
l Profit motive
l Markets
l Private enterprise
It means it has the disease of capitalism.
The core value of capitalism includes:
l Individualism
l Materialism
l Self interest
These value have replaced the traditional human values which were
l Traditional duty to God
l Royalty
l Community etc.
The values of capitalism have converted the welfare based relations among humans into the interest based relations. Every thing can be seen from the eye of a business man and the
eye of the businessman sees profit only.
The markets have intruded in all spheres of life. And this intrusion is the essence of
capitalism.
These changes are good because we are earning money, our economy is growing but these changes have some negative impact too. For example
l Enormous inequality
l Ecological destruction
l Conflict
l Economic instability and
l Anomie ( social instability resulting from a breakdown of standards and values; also : personal unrest, alienation, and uncertainty that comes from a lack of purpose or ideals)
The traditional society, communism and capitalism all these systems have failed because
the first two crushed individual initiative and the capitalism accompanied individual’s
initiative with greed which incurred negative results.
initiative with greed which incurred negative results.
ULTIMATE SOLUTION:
Thus there should be an ultimate solution which is the mediation between the communism and capitalism i.e. Not only government centric neither unleashing individual’s initiative linked mainly with the greed.
The ultimate solution must have the few qualities in it. These are
l Inquisitiveness
l Wisdom
l Artistic Creativity
l Altruism
But the problem with the ultimate solution is that, for the success of the proposal the people should adopt this attitude. However majority is struggling with the petty issues. They might
divert their attention to the significance of this solution after the occurrence of certain
catastrophe.
Unless, this aspect is paid attention the issue shall remain present and those who are
sensing the importance of it should bear it stoically.
