There are various forms of economic systems adopted by various countries in the world. Capitalism economic system emphasizes on placing various members of a society on the ownership roles of the means of income in a society's economy. The system emphasizes that wealth should be generated by a few members of the community and spread to the rest of the populace of society. The application of capitalism in various economies results in different ethical and unethical implications. Capitalism involves the recognition of private entities as the main drivers of the economy. Capitalism implies the economic notions that believe in wealth being distributed to several members of the society who, in return, reinvest the profits to make more capital. In a capitalistic economy, the ownership of property and livelihood is controlled by several members of the society, and the government has reduced control over the flow of capital.
The Meaning of Capitalism and How the System Works
Capitalism is an economic alignment that acknowledges private ownership of wealth and sources of income in a society. The system prefers the distribution of resources to several members of the society who reinvest their interests to maintain a stable condition of the economy. The Bourgeoisies are considererd as the owners of the means of production (Akrivou & Sison, 2016). Capitalism focuses on sufficient remuneration of labor, private controls of the production sector, and reinvestment of the surplus profits. The system of capitalism works under the basis of reinvesting money to create more money. Capitalism depends on the existing private entities to accumulate capital that is reinvested as capital. In capitalist economies, money is the only measure of wealth. Capitalism works through the investing of new market profits to create more opportunities for profit realization.
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Motives, Ownership of Property, and the Role of Government in Capitalism
The ownership of property in capitalism is limited to Bourgeoisies and the working class. The bourgeoisie in the society uses their property and wealth to create opportunities for several of the society. The wealthy in capitalism own property and use their wealth to appeal for charity and charisma from the poor. Capitalism disregards the government as a source of opportunity and rather emphasizes on private entities as the drivers of the economy (Huws, 2020). The role of the government in capitalist economies is to provide a tranquil atmosphere for the effective thriving of the economy. Though governments do not own property in capitalistic systems, they generates various legal spellings that facilitate and govern the acquisition and distribution of resources.
Description of Capitalism Using Enlightened Egoism
Enlightened egoism eludes to the conscious development of one's self. Capitalism emphasizes on the accumulation of wealth on various esteemed owners. The bourgeoisie and the working class form the egocentric class that owns the means of income in the community. The establishment of resources in capitalist economies is guided by the egocentric preferences of the owners of the means of income.
Description of Capitalism Using Utilitarianism
The notion of utilitarianism in capitalism is the act of placing the role of decision making on a few individuals who own major economic contributors. Utilitarianism depicts that all decisions taken in a capitalistic economy should reflect the interests of owners of livelihood (Huws, 2020). Utilitarianism egoism is the driving force that inspires bourgeoisies to invest in an economy.
Capitalism and the Imperative Categories of Kant
The notion of imperative categories seeks to distribute wealth in a mannerism that respects the work ethics and values. Imperative categories provide options that harmonize the ownership of property on a few members of society (Huws, 2020). The role of ethics and values in property ownership and management is emphasized in Kant's criticism of categorical imperatives in capital ownership.
Capitalism and Virtue Ethics
The various owners of income generators formulate and enforces various ethical standards and values that guide the ownership of wealth. The notion of virtue ethics defines the moral values the dictate the ownership and utilization of wealth in a society.
Capitalism and the Rawls' Social Justice
The notion of Rawls' social justice on capitalism refers to the various liberties in the system that extent wealth to the less privileged. The technique is aimed at providing changes to the marginal groups in society. Rawls' social justice indicates that equal distribution of wealth among the less fortunate is a reliable approach in achieving the perfect balance of wealth in society (Butterworth, 2019). The notion strongly believes in enabling the various markets to preset equal opportunities among the various contributors of an economy.
The Justification of Capitalism as an Ethical Economic System
Capitalism is ethically upright because it features the inclusivity of all members of a society in developing an economy. Capitalism is moral since it allows various members of society equal opportunities to own property. Besides, the inclusivity of many contributors to an economy minimizes the possibility of corruption. The ethical value associated with capitalism to minimize corruption and other inhibitors of the economy. Capitalism is ethical because it fosters transparency and accountability (Butterworth, 2019). The inclusion of private entities in the formulation of wealth eliminates corruption by increasing scrutiny of operations from various quarters and therefore fostering accountability.
Capitalism is et5hical because it opens equal chances for various members of the society to contribute to the economy. The system of economy is ethical because it focuses wealth on a few members of the society and therefore increasing the opportunity for monitoring and critiquing of economic operations (Nembhard, 2020). The system organizes various members of the society in respective social strata and therefore easing on the allocation of roles to various members of the society according to their contribution to the economy.
Justification on the Unethical Nature of Capitalism
The economic system is unethical because it only emphasizes on the wealthy members of the society. Capitalism is unethical because it aligns a society according to wealth and social strata and therefore disregarding the importance of the poor in the society (Akrivou & Sison, 2016). The system is not ethically fit because it focuses on assigning responsibilities to the rich people only. The system disregards the poor as mere servants of the bourgeoisie.
It is unethical to divide a community according to the wealth and social strata. The exercise demoralizes the poor as it reduces them to mere servants of the rich class. Capitalism is an unethical economic system because it initiates undue competition, which results in corruption and abuse of integrity. As much as competition is ideal in market development, capitalism opens up the unethical race for possession acquisition. Capitalism is unethical because it weakens a government's control over the resources of society (Nembhard, 2020). The system renders the government passive to the developments of society's economies.
Conclusively, capitalism is a system of an economy that focuses ownership of wealth on a few members of society. The system of capitalism works through the reinvestment of profits made by the owners of means of income. The imperative categories of Kant assume that ethical standards and values should guide a credible distribution of wealth and resources. Capitalism is ethical because it presents equal opportunities for the members of the society to create a means of income. Capitalism is ethically upright because it reduces corruption through the emphasis of individual ownership of means of income. However, the economic system unethical because it divides and analyzes members of society according to their material possession. The system is also unethical in the manner that it despises the poor and less fortunate in life.
References
Akrivou, K., & Sison, A. J. G. (Eds.). (2016). The challenges of capitalism for virtue ethics and the common good: Interdisciplinary perspectives. Edward Elgar Publishing.
Butterworth, S. (2019). Redeeming Capitalism. Anglican Theological Review, 101(3), 515-516.
Gordon Nembhard, J. (2020). Understanding Why Capitalism Is Not Always Transcended: A Review.
Huws, U. (2020). Social Reproduction in Twenty-First Century Capitalism. Socialist Register, 56.
