Capitalism has accomplished many different things. While in the past, if you were a member of a lower class and poor, you would have most likely stayed there forever. Thanks to capitalism, those individuals are now able to improve financial situations by creating a business, a product, etc. Capitalism also encourages competition, which means that various areas, such as technology, are always improving in an effort to be better than the other competition. This competition also allows for a lot of innovation. We are constantly being presented with new products or companies that are delving into a market that hasn't yet been explored. However, I don't feel that the future prospects of capitalism will be as beneficial for the general public as they were in the past. It is much harder for smaller companies to stay afloat. It states in the textbook, "Karl Marx (1818–1883) argued that capitalism leads to oligopolies—a con-centration of property and resources, and thus economic power, in the hands of a few" (Shaw, 2017, p. 130). And this is definitely present within the United States. My prospects for the future are that the income inequality is going to get even larger and eventually there probably won't be any true mom and pop shops anymore in the United States because they will all be owned by major corporations. Referencet W. H. Shaw, Business Ethics (9th ed.), Boston, MA: Cengage Learning, 2017. please help reply to this discussion post
Capitalism has accomplished many different things. While in the past, if you were a member of a lower class and poor, you would have most likely stayed there forever. Thanks to capitalism, those individuals are now able to improve financial situations by creating a business, a product, etc. Capitalism also encourages competition, which means that various areas, such as technology, are always improving in an effort to be better than the other competition. This competition also allows for a lot of innovation. We are constantly being presented with new products or companies that are delving into a market that hasn't yet been explored. However, I don't feel that the future prospects of capitalism will be as beneficial for the general public as they were in the past. It is much harder for smaller companies to stay afloat. It states in the textbook, "Karl Marx (1818–1883) argued that capitalism leads to oligopolies—a con-centration of property and resources, and thus economic power, in the hands of a few" (Shaw, 2017, p. 130). And this is definitely present within the United States. My prospects for the future are that the income inequality is going to get even larger and eventually there probably won't be any true mom and pop shops anymore in the United States because they will all be owned by major corporations.
Referencet
W. H. Shaw,
please help reply to this discussion post
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