END OF CAPITALISM

End of Capitalism

[Name of theWriter]

End of Capitalism

Introduction

Capitalism is defined as an economic system based on the private ownership of means of production and capital goods, for the production of good and provision of services for generating profits. It has been observed that the capitalist economic system was believed to be the most suitable and efficient economic system for the human society (Ferraiolo, 2009, pp. 28). With the passage of time, this concept and belief of the people was changed because of the arrival of an economic crisis in some capitalist economies. The thesis statement in this context is that capitalism creates and transfers the power to multinational corporations which tend to work for their self interest and do not focus on the common good of the society that becomes a known cause for the decline of capitalism.

Outline

A background and introduction about the concept of capitalism and its types will be presented.

Arguments will be presented related to the subject of the end of capitalism and the core causes of the end of capitalism.

Contradiction will be presented in relation to the subject that capitalism is moving towards an end.

Further, the solutions to the theme of the paper will be discussed that will play a vital role in deciding as to which side of capitalism is considered to be true.

Finally, a conclusion will be provided that will aim to summarize the main points discussed in the paper.

Capitalism

It has been defined that capitalism is an economic system that is based on the private ownership of corporations and means production that function to generate profit. The core elements that are central to capitalism include competitive market, capital accumulation and price system (Schweickart, 2009, pp. 560). Capitalism is further divided to two economic systems which are discussed as follows.

Free Market

Free market is an economic system in which the prices of goods and services are regulated by the supply and demand forces in the market. In a free market, the competitors or business organizations are allowed to reach equilibrium point without government intervention.

Mixed Economy

Mixed economic system is an economic system that is dependent on both private and public ownership of means of production that aim to correct market failures with the help of macroeconomic policies (Rooksby, 2012, pp. 222).

These are the two types of economic systems that come under the capitalist economic system, and the production of goods and services are based on these two economic systems according to the requirements of the economy of the country (Parks, 2011, pp. 17).

Arguments

The core theme of this paper is that the end of capitalism is near because the belief of people that was previously created about capitalism is changing because of some capitalist economic crises. Some of the most significant arguments that involve the drawbacks of capitalist economic system are discusses as follows.

The first incident that contributes towards the belief that capitalism will experience an end is the economic crisis that the Unites States if America experienced in 2008. It was significantly observed that ...