Capitalism Essay -- essays research papers

Capitalism Today in the United States, a free market system or capitalism is the main economic system. I am interested in this subject because I someday wish to own my own business. I believe that in the future this topic will be very useful to me. Among the topics that I will discuss are the greeks and romans early practices of capitalism, the ideas of Joseph Schumpeter, Rush Limbaugh, and Karl Marx, corporations, regulation by the government, and Reaganomics. I will also discuss the relationship between inflation and unemployment. In addition, I will give my own perspective on the economic theories that I'm presenting. These are just a few of the things that I will be discussing in this paper. HISTORY OF CAPITALISM Many of the institutions of capitalism can be traced back to Greek and Roman times. Things such as trade, moneylending, and insurance were well known practices to them. Unfortunatly, growth of the Roman Empire prevented further development of a private business class. As power over economic growth came back to the people or lords during the Middle Ages, modern capitalism started to evolve. (The Software Toolworks Illistrated Encyclopedia) In the late Middle Ages, the medieval economy was based on MANORALISM. This system said that peasants worked on the land that the lord's owned, but everthing that was produced by them was kept in return they had to perform services or pay dues to there lord. During this time period, there was no incentive to produce large and productive resources. The end of the midieval Manoralism was brought about by a larger demand for goods. Kings competed against lords, and lords competed with peasants for the rights to what was produced. As a result, there was an emergence of merchants and businessmen who accumulated large sums of capital. In addition, there was also a large emergence of banks and the start of corporations. (Galbraith Pg. 58) The only other economic system that got much attention was a new idea called Communism. A person named Karl Marx wrote a book called the Communist Manifesto which thought of the state as being the main controller of economic growth, unlike capitalism where the people in a free market are the main controllers of economic growth. In the 19th century when most of the world like Britan, France, Germany, and the United States were in the age of ... ... get elected to be president is because he plays the game of class warfare. Clinton did a good job of convincing the poor and the middle class that Reagan did them wrong. Clinton believes that the rich should be punished by higher taxes. I ask you, "why should you punish prosperity?" The main goal of the liberals and Bill Clinton is the reditribution of wealth. The key question to ponder is, " when do profits become unfair and excessive?" (Limbaugh Pg. 118-119) In conclusion, capitalism is the best thing to help the United States economy grow. The entrepreneur is the person who makes this economy rum smoothly and profitably. A creative person at the head of a company can do alot more than a person who is at the head of a state-runned bureaucracy. This is true because the entrepreneur has incentive to do the job correctly, but the bureacrat has none because he knows that his job will still be there tomorrow no matter how he performs. I will agree that pure capitalism won't work because you still need environmental laws and other laws to protect the consumer. However, problems begin when extreme socialistic views like Bill Clinton's are imposed.