Thesis statement
Capitalism is an economic system based on the private ownership of the means of production, with the goal of making a profit.1 This is a quote and will be used in the introduction. Source : Capitalism Oxford Dictionaries. Retrieved 4 January 2013.
- John Maynard Keynes believes that capitalism is essential for freedom to survive and thrive. This is a paraphrase and will be used in I.2 Source: Capitalism. Wikipedia (Accessed May 13, 2013).
- Capitalism is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned.3This is a quote and will be used in IA. Source: "Capitalism." http://capitalism.org/category/capitalism/ (Accessed May 13, 2013).
- It is popular in nations that value the freedom of the individual over the stability of the society.4 It is a quote to be used in IB. Source: http://www.wisegeek.org/what-is-capitalism.htm (May 13, 2013).
- Central elements of capitalism include capital accumulation, competitive markets, and a price system.5This is a quote and will be used in IC. Source: "Capitalism." Wikipedia (Accessed May 13, 2013).
- According to Walberg and Herbert, the activities of millions of people, each seeking his own interest, are coordinated under Capitalism.6 This is a paraphrase and will be used in II. Source: Capitalism. Wikipedia (Accessed May 13, 2013).
- Each individual is free to produce what he or she wants and to sell it at whatever price the markets will support7. This is a quote and will be used in IIA.Source: http://www.wisegeek.org/what-is-capitalism.htm (Accessed on May 13, 2013).
- In this system, competition between businesses is good for consumers because it too drives prices down and, theoretically, improves the quality of the products being sold.8This is a quote and will be used in IIB. Source: http://www.wisegeek.org/what-is-capitalism.htm (Accessed on May 13, 2013).
- The competition between markets and businesses will create more productivity in the work place, allowing the rate of technological innovation to increase. This will cause the society to advance while the costs of goods and services will decrease.9 This is a quote to be used in III. Source: http://www.conservapedia.com/Benefits_of_capitalism(Accessed on May 13, 2013).
- People have the right to earn money in whatever job they choose, and to spend that money however they want.10 This is a quote to be used in IIIA. Source: http://www.conservapedia.com/Benefits_of_capitalism (Accessed May 13, 2013)
- According to the Nobel laureate Douglass North the institutions that define capitalism are private property rights, the rule of law, competitive markets, and entrepreneurial behavior.11 This is a paraphrase and will be used in IIIB. Source: Douglass North. Nobel Prize speech 1993(Accessed May 13, 2013).
- It might seem at first glance that everyone is selfishly working for their own money, but dig a little deeper and it becomes apparent that every job has a benefit for someone else.12This is a quote and will be used in IV. Source: Top 10 Greatest Benefits of Capitalism http://listverse.com/2010/12/24/top-10-greatest-benefits-of-capitalism/ (Accessed May 13, 2013).
- Free markets can conduct certain functions that are normally handled by the government. Therefore, capitalist societies tend to be more efficient and free from government control.13 This is a quote to be used in IVA. Source: http://www.conservapedia.com/Benefits_of_capitalism (Accessed May 13, 2013).
- When natural resources that can be sold as commodities are owned solely by the government, there is little incentive to consider the needs of the people.14 This is a quote and will be used in IVB. Source: Teaching the Benefits of Capitalism
http://www.hillsdale.edu/images/userImages/afolsom/Page_6281/Butters.pdf Pg. 13 (Accessed May 13, 2013).
- Ideally, this means that wealth is distributed evenly and there is no unemployment.15This is a quote and will be used in IVC. Source: http://www.wisegeek.org/what-is-capitalism.htm (Accessed on May 13, 2013).
- According to Roger Butters the single greatest benefit that capitalism provides is that it enables human choice.16This is a paraphrase and will be used in V. Source: Teaching the Benefits of Capitalism http://www.hillsdale.edu/images/userImages/afolsom/Page_6281/Butters.pdf Pg. 7(Accessed May 13, 2013).
- While some may think of increased competition as a disadvantage of the system, it is advantageous because increased competition produces increased quality and decreased prices to the consumer. Capitalism tends to reward the business that produces the highest quality item for the lowest price, resulting in increased market share for that producer.17 This is a quote and will be used in VA. Source: The Advantages of Capitalism in Business. http://smallbusiness.chron.com/advantages-capitalism-business-21121.html (Accessed May 13, 2013)
- Capitalism, by guaranteeing an individual’s security in his property, self, thoughts and beliefs creates incentives that make the success of evil people less likely and their actions less damaging while enabling the individual to succeed. 18 This is a quote and will be used in VB. Source: Teaching the Benefits of Capitalism http://www.hillsdale.edu/images/userImages/afolsom/Page_6281/Butters.pdf Pg. 12 (Accessed May 13, 2013).
- Capitalism actively rewards positive traits like hard work and ingenuity. Similarly, it punishes negative traits such as laziness and theft.19 This is a quote and will be used in VIA. Source: http://www.wisegeek.org/what-is-capitalism.htm (Accessed on May 13, 2013).
- According to Michael Porter, Capitalism aims at creating shared value and society must accept the idea that companies can make money from addressing the needs of the poor. 20 This is a paraphrase and will be used in VIB. Source: Real Benefits Of Capitalism http://forbesindia.com/article/boardroom/the-real-benefits-of-capitalism/32724/1 (Accessed May 13, 2013).
- Innovators and inventors can take advantage of the free market to make a profit.21 This is a quote and will be used in VII. Source: What are advantages of capitalism economy over socialism or mixed economy?
http://wiki.answers.com/Q/What_are_advantages_of_capitalism_economy_over_socialism_or_mixed_economy (Accessed May 13, 2013).
- Producers compete to see who can have the best and cheapest product in order to survive economically. This means the consumer will be given cheaper and better products.22 This is a quote and will be used in VIIA.Source: What are advantages of capitalism economy over socialism or mixed economy? http://wiki.answers.com/Q/What_are_advantages_of_capitalism_economy_over_socialism_or_mixed_economy (Accessed May 13, 2013).
- Business acting as business, and not as charitable donors, is the most powerful force for addressing the pressing issues we face.23 This is a quote and will be used in VIIB. Source: Real Benefits Of Capitalism http://forbesindia.com/article/boardroom/the-real-benefits-of-capitalism/32724/1 (Accessed May 13, 2013)
Bibliography
- Oxford Dictionaries, “Capitalism”, http://oxforddictionaries.com/definition/english/capitalism (accessed January 4, 2013).
- “Capitalism”, Wikipedia, http://en.wikipedia.org/wiki/Capitalism, (accessed May 13, 2013).
- “What is capitalism?”, Capitalism Magazine, http://capitalism.org/category/capitalism/ (accessed May 13, 2013).
- “What is Capitalism?”, WiseGeek, http://www.wisegeek.org/what-is-capitalism.htm (accessed May 13 2013).
- “Capitalism”, Wikipedia.
- “Capitalism”, Wikipedia.
- “What is Capitalism?”, WiseGeek
- “What is Capitalism?”, WiseGeek.
- “Benefits of Capitalism”, Conservapedia, http://www.conservapedia.com/Benefits_of_capitalism, (accessed May 13, 2013).
- Benefits, Conservapedia
- Douglass North. Nobel prize speech 1993
- Jed & Nunno, Rachael, “Top 10 Greatest Benefits of Capitalism”, http://listverse.com/2010/12/24/top-10-greatest-benefits-of-capitalism/ (accessed May 13, 2013)
- Benefits, Conservapedia.
- Butters, Rogers,“Teaching the Benefits of Capitalism”, http://www.hillsdale.edu/images/userImages/afolsom/Page_6281/Butters.pdf (accessed May 13, 2013).
- “What is Capitalism?”, WiseGeek.
- Benefits, Butters.
- Johnson, Justin, Demand Media, “The Advantages of Capitalism in Business”, accessed May 13, 2013, http://smallbusiness.chron.com/advantages-capitalism-business-21121.html.
- Benefits, Butters.
- ‘What is Capitalism?’, WiseGeek.
- Kramer, Mark, Vaidyanathan, Lalitha , Russell, Patty , Kim, Samuel, “The Real Benefits of Capitalism” http://forbesindia.com/article/boardroom/the-real-benefits-of-capitalism/32724/1, (accessed May 13, 2013),
- Hall, WikiAnswers, “What are advantages of capitalism economy over socialism or mixed economy?”, http://wiki.answers.com/Q/What_are_advantages_of_capitalism_economy_over_socialism_or_mixed_economy. (accessed May 13, 2013).
- Hall, M “What are advantages of capitalism economy over socialism or mixed economy?”
- Kramer, Vaidyanathan, Russell, Kim, “The Real Benefits of Capitalism”.
