Question

Provide an example, someone of your choice, and explain how living in an economy guided by the tenets of capitalism were instrumental in that person's success. It could even be that owner of the local bagel shop. Demonstrate your understanding with an explanation in a well-written essay of approximately 150 words.

There are numerous stories and examples of men and women in America that started out with relatively nothing and have become very successful and have built empires. Some have been successful without having a empire, but have made a very comfortable living, doing it on their own terms. They have followed their dreams, stayed on course with their vision, and have led very fulfilling lives.

Answer 1

Capitalism is a form of government which respects, recognises and rewards initiative, hard work, creative genius, prudent decision making and risk taking. Little did Mr X know that from running a small family wholesale grain business, he would go on to become the owner and director of a booming plywood manufacturing unit and later expand his business into the rubber mat industry. Free market conditions and and open competition along with ample market research allowed him to move into a different and more profitable line of business,which is plywood manufacturing . A competitive banking industry that encouraged budding enterprises proved instrumental in acquiring capital at competitive rates. The risks were huge as he did not have prior experience in the particular field of business and he did not have experience managing workers and employees of such large numbers . All that he saw was an opportunity to scale up his earning potential and an assurance that fittest will survive and will be rewarded in a capitalist economy. The experience and insights ( not to forget, profits) gained in the plywood manufacturing business motivated him to start a rubber mat industry. The promise of freedom, growth and comfortable living that capitalism carries for the talented emboldens him. He continues to dream big for the possibilities that a free market presents are endless. And Mr X is my father.