Capitalism is absolutely the best system to promote good standards of living for a countries citizens, but no system they s perfect. When government officials fail to intervene when workers are exploited then workers group into unions to defend themselves. When government officials in charge of regulating industry are bought off with investment opportunities, job offers, and just plain cash then they fail to do their jobs. This is where we are in certain areas in our USA. It takes a strong leader to stop other countries from enslaving their people so they can use this cheap labor to make better trade deals. One example of the shortcoming of capitalism was the fact that there was great profit incentives to create and market vaccines, but little incentives for therapeutics for treating I’ll patients. Hence millions died with those treatment options since vaccines were not totally effective in preventing infection. This is where government steps in to insure those treatments become available.
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Originally Posted by Rich Iwaszko
Hi,
Capitalism has proven to be the best economic system in the world. We are in fact better off then people in any other country as large as ours. The problem is, as any economist will tell you, the result of rampant capitalism is socialism. When the workers of a country are getting abused some social programs are needed to stabilize the situation. examples, minimum wage laws, social security, unions. We have in fact looked to other parts of the world for cheap labor, as our labor is no longer cheap, and cheap labor is the coal that stokes capitalism. So we don't make anything anymore. We have become middle men for their products. Cheap labor has long been abused and still is, it's just not our people. My point here is that we have to accept some social programs so that capitalism won't disappear leaving total socialism and military rule like in many other countries. The trick is the right social programs. All thoughts are welcome..........
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