Advantages and Disadvantages of a Capitalist Society

Discuss both the advantages and disadvantages of living in a capitalist society.   Then describe how such disadvantages could be minimized.

            Living in a capitalist society provides many opportunities for entrepreneurs to become successful.  On the flip side of that thought, an entrepreneur could become completely broke and not have a penny to their name.  The four basic foundations of capitalism are huge advantages which provide everyone a great opportunity to become successful.

The right to own private property is probably the biggest advantage to capitalism.  This allows people to do whatever they wish with whatever they purchase.  They can use it to gain more profit or they can turn around and sell it again to try and turn a profit.

The right to own a business and keep all that business’ profits is the main reason people can become so successful.  The government may take out some money for taxes but whatever you have left is yours to keep.  You can do whatever you want with the money, you can reinvest it in your company, you can give it to charity, or you can keep it all for yourself.

The right to freedom of competition is good for the consumers in a capitalist society.  The competition forces the price of similar goods to go down.  Which enables people to buy more goods and put more money into the economy and when there is more money in the economy everything is just better for people.

The right to freedom of choice allows us to do anything we want to become successful.  We can pursue whatever career path we want to because of this right.  It allows us to take any idea that we might get and turn it into a successful prosperous business opportunity.

Some disadvantages of a capitalistic society are that not every idea can become successful.  Sometimes you may think you have a good idea but no one else likes it, so you can’t get any startup capital to pursue your dream in this idea.  Other times you may have a good idea and you may get the startup capital, but its just not the right time for the product or service.  Maybe someone else has a similar idea but is just a little bit better, or maybe your idea is just a little too much of a luxury for some people and they decide that they don’t need it.