Question

What do you think are some of the advantages and disadvantages of a capitalist economic system? Do you feel that the advantages outweigh the disadvantages? Why or why not?

Answer 1

Hello!

Advantages of a capitalist economic system:

• Economic growing and expansion.

• Consumer choice (The consumers get to choose what to consume, which leads to better products and services).

• Efficiency of economics (Goods and services based on demand)



Disadvantages of a capitalist economic system:

• Inequality (A small group of people hold most of the wealth)

• There can be a monopoly of power (a specific enterprise is the only supplier of particular commodity)

• Unemployment

• Social benefit ignored. A free market will ignore externalities.

No, I feel the disadvantages outweigh the advantages, because there are more of them.