Question

Go through the three components of democratic capitalism and picture an economy without each one. What happens to freedom, fairness, and moral and ethical behavior? Which part of the system seems weakest today? What can be done about it?

Answer 1

Explanation:

The three components of democratic capitalism are: private ownership of the means of production, the labor market and the exchange of products in a market whose profit is obtained.

When imagining an economic context without free companies, the scarcity would be increasing and there would be an economic slowdown that would impact the lives of thousands of people and lead to an increase in poverty, hunger and starvation.

Such problems could also happen without a freely elected government.

Therefore, ethical and moral values ​​must be considered as the basis of any economic system, so that all market mechanisms flow in order to satisfy the needs of citizens with regard to products, services, employment and dignity.