The effect of capitalism on the society and culture has been a subject of great discussion since the moment it began in Europe as a reform of the economic system in a late 18th century. It is a new social system which has immensely affected society. Capitalism exists in every country but its frequency varies.
So what does Capitalism mean?
Capitalism is technically based on individual rights and free enterprise. Experts say that capitalism upsurge the concept of hyper-competitiveness, corruption, economic disparity, and consumerism. In other words, it benefits the selfish interest of people.
Rob Sobhani has clearly explained the capitalism principles in Huffington Post article. The article will make you aware about the socio-economic impact of capitalism in our lives.
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A capitalist society is established on 2 basic principles:
- The legal right to private property
- Gives you liberty to pass on the wealth to future generations.
According to capitalists, a capitalist society is unbiased because it helps you to gain rewards for your efforts. But, in major cases, people inherit wealth from their ancestors and thus they become rich without any hard work. This is a drawback to a system and entire society as it fails to provide equality for every individual. This leads to inequality which gives rise to the class system (social division).
To become a part of a higher class in society, people start following the illegal path; which makes a room for societal corruption. But, capitalism has its pros too. For instance, it has encouraged the work culture. It has promoted each person to participate in activities that seem beneficial to them. This system has enabled people to choose what they want the rather imposed lifestyle.