Question

Many individuals contend that capitalism is so individualistic that it fails to protect society and the collective good. Discuss the validity of this viewpoint using historical examples when necessary.

Answer 1

It is no surprise that many people turn to the government to receive assistance during times of economic struggle. Yet welcoming these advantages and promoting the expansion of government not only prolongs the difficult times but also moves our world closer to communism. Capitalism offers benefits to all classes of society by creating jobs, rising living standards and innovating goods, to name but a few. Capitalism is moral because it mainly protects the rights of individuals. At the other hand, for the good of the collective, socialism, like any collectivist system, refuses human rights. Socialism provides a "legal" way for unproductive people to acquire the wealth of the productive members of society for their own use, "blinded by envy and ignorance."

Socialism is also unsustainable; it lacks the fundamental economic truth preceding consumption by production. Development would eventually stop in a society based on collectivism because individuals do not have the right to take full advantage of their labor. Continued consumption without output would result in excessive spending on the deficit and increased interference by the government.

Capitalism is the alternative proposal to socialism: the notion that the only role of government should be to protect individual rights. This limited government guarantees freedom to create wealth, restricted only by one's skill and initiative. Success is in each individual's hands. Unproductive individuals should not look for advantages to the productive, and productive people should not feel guilty about their success. Citizens will want the protection that social programs and other entitlements offer, even if they realize that they are giving up their independence by doing so. Individual freedom includes accountability on an individual basis.