Capitalism is the dominant economic system in our globalized world. It has led to economic growth and thus made our modern lives possible. But the gap between rich and poor is widening, which focuses on the unequal distribution of wealth. Capitalism must also accept criticism when it comes to sustainability. How do you see the future of this economic system?
Simply put, it is a system in which private property, the free market, competition and profit maximization are paramount. Supply and demand, not the government, determine the market and companies compete with each other, which promotes innovation. It is often cited as the antithesis of a communist economic system. Communal ownership, equality and state control of the market play an important role in this.
Globalization has fueled the triumph of capitalism; International trade is now easier than ever before. Multinationals in particular benefit from this, while small companies and employees in developing countries are left behind.
How do you see the future of capitalism, especially in the context of globalization? What reforms would you like to see to reduce social inequality and narrow the gap between rich and poor? Do you believe that capitalism in its current form is sustainable? And what alternatives to capitalism can you imagine? Join the discussion in the comments, we look forward to hearing your thoughts!
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
