Capitalism is a system in which the trade and industry of a country is controlled and dominated by the private players for profit rather than for the state benefit. This system has given rise to various technological, industrial and green revolutions, helped people out of poverty, increased job opportunities, improved standards of living and encouraged innovations in various spheres of life. Years back, this was a boon for the society and the world as a whole but at present, it is only concentrating on gaining short-term profits than working towards long-term profits that would help to develop the society. Various studies and surveys have found that, capitalism is harm to the world, especially the western capitalism. This was clearly seen during the pandemic situation.

     Capitalism had started centuries back and was successful in removing problems like poverty. But then the public sector suffered due to this. Capitalism has indeed improved the economic growth of the countries, but the gap between the rich and the poor has been increasing since then. Even though the economy is growing, the income inequality and the stagnant wages are still persisting which make the people insecure.

     Capitalism, in its current form is destroying the lives of ordinary people. The rate of death due to suicide and drug use has been increasing as a result of the new formed capitalism. Now, people have started to rise against this system to save lives and to improve it. In past few years, various ideas and proposals have emerged with aim to re-write the capitalism’s social contract. It has been stated that business firms have to focus more on social development and addressing social problems rather than on making profit. The future of capitalism would lie on the decisions of the firms on which option to choose: social growth which would lead to profit or profit alone.

REFERENCE:

BBC. (n.d.). Why the next stage of capitalism is coming. BBC Future. Retrieved April 10, 2022, from https://www.bbc.com/future/article/20210525-why-the-next-stage-of-capitalism-is-coming

Guardian News and Media. (2019, May 22). Capitalism used to promise a better future. can it still do that? | Richard Reeves. The Guardian. Retrieved April 10, 2022, from https://www.theguardian.com/commentisfree/2019/may/22/capitalism-broken-better-future-can-it-do-that