TOPIC: 1st Grade

 

 

POINTS:

Capitalism is a main economic principle adopted by most developed countries in the world today. Although many people benefit from this economic system, there is also a downside of capitalism.

 

First of all, capitalism gives anybody an opportunity to start up their own business, and compete in free market. In reality, many venture businesses, such IT companies, emerged in countries that adopt capitalism, and gain profits from their thriving business. In communist countries where people share assets with others, on the other hand, competition between workers is practically nonexistent, and people are deprived of the right to get richer than others.

 

Second, consumers can enjoy benefits from fierce competition among companies. In order to gain the competitive edge, businesses sell their products at the lowest possible price. Also, they try to provide the best service with the best quality to attract their customers. With capitalism at work, there is a wide range of products and services consumers can choose from affordably.

 

Despite all the advantages created by capitalism, it can create an economic disparity between the rich and poor. Those from poor families find it difficult to compete with richer people, since they cannot afford to receive a good education that helps them to get good jobs. On the other hand, wealthy families have enough money to send their children to the school that provides the best education and ensure that they can make use of the latest technology like computers. As a result, people from affluent families always win competition under capitalism, while others have no choice but to stay poor.

 

In conclusion, although capitalism is regarded as best in most developed countries, it is also true that some people suffer from this economic system. After all, there isn't any perfect system in economy free from flaws.