The rich are getting richer and the poor are getting poorer. Our financial system is hanging loosely on the edge of collapse and millions of Americans are loosing their jobs and their homes. And who is to blame for all of this? For a lot of folks, the answer to that question is capitalism. For that reason, today, many of us believe that the sad state of our economic and social system is prove that capitalism doesn't and will not work as a viable economic system. Hence, the call for a switch to socialism or communism can now be heard in many different corners accross the country. Even though, for many years, I've been a strong believer in a free market economy, me too, however, faced with the sickening inequalities in our society, I started doubting the merits of capitalism. But by forcing myself to have an objective look at our problems, I realized that capitalism in itself is not to blame for the widening inequalities plaguing society but that our problem lies with the way capitalism has been misused by those in power.
Just as a medical drug can be beneficial to a person if use properly but becomes harmful when it's abused, so capitalism can be beneficial to society when properly regulated but becomes the source of injustice when it's left unchecked. I, therefore, strongly believe that the economic system a country adopts should be one that promotes creativity and entrepreneurship. With those two criterias in mind, when I compare capitalism with the other two dominant economic systems, socialism and communism, capitalism seems to me to best fulfill those criterias.
The inherent competition in a capitalist system forces innovators to come up with increasingly better products and services which then benefits the whole society. The same can't be said about a communist system. Also, a lot of european countries practicing socialism have historically always had a higher unemployment rate than the U.S; and one reason for that is that it's usually quite cumbersome and relatively expensive to open a business in those countries.
Capitalism is not perfect but i believe that it's the right economic system for a society that aspire to promote creativity and that wants to encourage entrepreneurship. To make that system better, the whole nation needs to get together to see how it can be more effectively regulated in order to end the spread of injustice and inequality perpetuated by the 1%.