U.S. Capitalist Economy Description
In the present U.S. economy, the state of capitalism as concerns issues of work, ownership, and decision-making (politics and power) serves as a class. In present languages, the 1 percent of individuals owning big corporations and banks do not target creating jobs. Rather, they emphasize generating increased profits. In the event that they are incapable of meeting the demand for their products, they end up hiring extra employees to allow them boost output and vice versa. Certain parties support full employment believing that it would lead the economy to boom and increased customer base. Nonetheless, a large number of politicians, economics, and capitalists working for the big business owners are against full employment. When unemployment is high, enterprises are choosy on who they employ. This mostly influences the youth, Latinos, African Americans, and individuals lacking connections to powerful people. With low levels of unemployment, companies experience challenges in finding experienced employees. They focus on training individuals lacking sufficient on-the-job experience. However, many individuals are currently experienced but without work. Thus, firms choose individuals who do not require training (Perlo, 2018) . This is even apparent in traditional jobs meant for youths, such as where older unemployed workers take the positions.
Generally, the job market makes personal connections as a major factor as opposed to the case of experience in landing a job. Since the capitalists realize numerous benefits from these kinds of practices, they support practices, which hinder unemployment from falling significantly low. In the event that overall unemployment does below 5 percent, economists oriented to business would back policies of slowing the economy to generate increased unemployment. The reason for this is that in case unemployment fall, the workforce would be able to demand increased benefits and wages. This would lead businesses to realize reduced profitability of result to inflation. Capitalist therefore resist any government initiatives aimed at creating jobs, while they also emerge successful (Perlo, 2018) . In this perspective, it is evident that the current capitalist system of the U.S. is not fair since it mostly supports the wealthier class while neglecting the lower classes. The upper class also has significant influence on the different policies that the government makes, hence creating a system of inequality on issues related to work, ownership, and decision-making.
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Organizing Ownership and Work in a “Fair Economy”
To organize ownership and work in a “fair economy,” I would put certain things into consideration. The major things that I would target would comprise of those owning production means, those who work, means of compensating work, owners of product labor, landowners, existence of classes, when people work, conditions that people work, and organization of the workplace. When it comes to the ownership of the factors of production, all individuals in the society should be provided access. They should be offered the necessary tools that can allow them to own means of production, such as quality education, equitable higher education opportunities, and access to loans. Ensuring that all individuals in the society have access to resources would play a vital role in strengthening the economy and building a brighter future all people. For those people who would work, they would be matched to jobs based on their skills, experience, and knowledge concerning the job. In terms of compensation, the individuals would be compensated based on the value of their work as well as complexity of the tasks that they undertake. Additionally, all individuals in the economy would be provided with the opportunity of accessing product labor. The ability to utilize product labor effectively would serve as the key determinant for success in the economy. The same case would also apply to land. The economy would also comprise of classes, including the lower, middle, and upper, although this would be determined by the amount of wealth that individuals possess. The deciding force in this case would revolve around the material wealth of the people in the society. In terms of conditions of work, individuals would work in places that meet health and safety requirements while at the same time enforcing equality. Lastly, the workplace would be organized in such a manner that individuals are matched to their work based on their skills and experience rather than the connections that people have to other powerful individuals (SEIU, 2018) . These kinds of requirements would facilitate in the realization of a fair economy.
References
Perlo, A. (2018). Capitalism and unemployment. Retrieved from http://www.peoplesworld.org/article/capitalism-and-unemployment/
SEIU. (2018). Fighting for a fair economy. Retrieved from http://www.seiu888.org/2011/05/09/fighting-for-a-fair-economy/
