why is capitalism the way to go? are there any econonic systems that are examples of this?

Question

are there any weaknesses in this system and can they be avoided?

Answer 1

The real only weakness in capitalism is when government interferes.
We are the most capitalist country in the world, and we live better than all the rest of the world.

Western Europe has moved to socialism and their standard of living is going down. If they don't move back toward capitalism, they will become third world nations in the future.

Answer 2

Capitalism is really the only economic system that supports personal motivation. It has the potential for as much abuse as any other system. Left run, unchecked, it gets Darwinian in nature.It does have more of a self regulating effect, (though not enough at times), in that you can chose your supplier of goods & services and at least as a group dictate the quality and price of items. It relies on a certain unstated higher morality, which is shrinking in today's society.
Various Communist and Socialist models can be lumped together on the other side of the isle, as there is truly no motivation to work hard or make your best effort in the real and everyday sense. Why work harder than some one, if there is no reward above that which a lazy person will receive?
All attempts at these two systems have failed or need to be artificially propped up in some fashion that makes them divergent from their pure models.
"Communism" in it's most pure sense can be achieved on a small scale by groups within a capitalist society. A self help group of friends, the Amish, are better approximations than the Soviet Union was, or Cuba, or China, where many people are "more equal" that is get preferential housing, cars, medical benefits, etc.

Answer 3

The US prospered materially and workers made many gains and had a good life under capitalism. This, however, was not under unrestrained capitalism; this was capitalism balanced by the union movement, labor laws and regulations. The clock has been turned back on these and other protective devices; back to the 19th century. So we are seeing and will see even more clearly in the future what pure capitalism does. The number one effect or weakness is exploitation of workers in the form of low pay and poor working conditions. At its worst, workers in a capitalist system become little more than indentured servants. And, of course, the rich become enormously rich when capitalism has no boundaries.

Answer 4

Unlike thomas p, I think capitalism is the way to go. The US system works fine if you work it properly. That is to say that hard working, smart, and innovative people can make a lot of money. The only weakness is lazy, stupid people have a tough time of it and don't get rewarded. But in my opinion, that's how it should be.That could be avoided if people would take their schooling seriously, but they're too busy concentrating on social activities and not their studies. If government decided who gets what, the whole system would crash. Evidence of this includes the USSR and would include China, except that they are finally seeing the light and opening up their markets. Socialism simply does not, and cannot work... at least not for long.

'Nuff said?

Answer 5

The weaknesses of Capitalism are rampant.

Oppression of workers, Exploitation of the majority world, Unstable markets, Corporations that are gaining more power then most countries..hell, what are the benefits? Yeah, so us in the minority First World are rich and we can grow obese with the cheap, surplus food, but when 3 quaters of the world are starving..i just think theirs a betetr way.

See, i believe in a controlled economy, im definatly a Socialist, but a democratic one at that. Im not some neo-communist, i just believe the state should control companies, not the other way round

NB
Birdsnakecatherine, what are you on about? That just shows you neither grasp nor understand Socialism or Capitalism. Europe is a Free Market Economy, Socialism has been dead for years. If you think free healthcare is Socialist, then i really pity you. Besides, the standard of Europeam Living is infact higher then most Americans. We have less inequality, were a growing and diverse markets and we're more respected by the rest of the world.

Answer 6

Are you kidding? Capitalism, although it has some flaws due to corrupt people abusing it, is far better than any other economic system. Name one communist system which has prospered and, name one economic system which has taxed itself into prosperity!