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Updated November 29, 2020

Benefits and Harm of Capitalism

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Benefits and Harm of Capitalism essay
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Capitalism may be a subject that may be deeply thought and talked with. Capitalism is an economic and political system controlled and own by individuals or private companies. This literally focuses in the production of goods and services and making profits. According to George Monbiot, Capitalism is like coal, it has brought many benefits. But, like coal, it now causes more harm than good.

Just as we have found means of generating useful energy that are better and less damaging than coal, so we need to find means of generating human wellbeing that are better and less damaging than capitalism. From that the capitalism system has its good and bad sides and therefore there are many people believing and expecting the advantages and at the same the disadvantages of it. The advantage of capitalism is that it provides to the economy growth and therefore the progress of the human society because the labor force are paid for their efforts and time given to the production of goods or even the services. Thus, there are some people against the capitalism because it doesn’t provide others job especially people who have no skills this includes the children and the elderly.

Many believe that capitalism may be overthrown by collective action and revolution. Collective actions are refers to the collaborative actions and efforts done by a specific group or organization with a specific goals for the betterment of the group and example of this protest because it is an collaborative action done by different organizations and groups who are expressing their opinions and addressing their needs while revolution are the activities or movements done to effect fundamental changes in the socio-economic situation of a country or place.

There are many situations especially in the Philippine history of revolution. Example of that is The Philippine Revolution; it is one of the most important events in the country’s history, and through this revolution the Filipino people was awakened the proud sense of nationalism for generations of Filipinos to come in the future. In a period of heavy struggle and conflict, Filipinos as a group composes of different backgrounds were united with a common goal: to resist colonialism. With that The Philippines was praised all over the world in 1986, when the bloodless revolution happened and was called EDSA People Power’s Revolution. It was happened on February 25, 1986 and it marked a significant national event that has been engraved in the minds and hearts of every Filipino.

That collaborative effort of the Philippines gives a strong sense of pride especially that other nations had attempted to emulate what the Filipino people have shown the world of the true power and essence of democracy. Filipinos are strengthened by faith and that’s the only weapons that the Filipinos used to recover their freedom from President Ferdinand Marcos’s iron hands at that time. That time was a day that gathered all Filipinos in unity with courage and faith to prevail democracy in the country. It was the power of the people, who assembled in EDSA that restored the democratic Philippines, ending the oppressive Marcos regime. The revolution was a result of the long oppressed freedom and the life threatening abuses executed by the Marcos government and Martial Law started the suppressive and abusive years–incidents of assassination particularly to those people who opposed the government.

When we talk about capitalism, it is a way of organizing an economy so that the things that are used to make and transport products (such as land, oil, factories, ships, etc.) are owned by individual people and companies rather than by the government (Merriam-Webster Dictionary). Speaking of government, it is an organization lead by big and influential personalities that’s why if we need to address bigger societal or economic issues, we need the voice of the people. Given that people are very powerful in terms of views and opinions, we could somehow easily address certain problem.

Not all properties should be owned by government because not all officials are into the betterment of all people, corruption is very rampant. If individual people will own evema small property, then it’s very obvious that will be used for good, though not all. Our city is included in the top 10 richest cities in the Philippines. The question is, are we? Yea we do have lots of natural resources but government owned them. There are street children, squatter areas, unfixed roads and many unaddressed issues. People are still suffering poverty due to this misleading government of ours. If we only have better economic and government system, then our economy today might be far different. Therefore, people should never stop fighting for their rights. We know what we should have so why let other people own it? But the best first step to address capitalism is voting wisely during government official election. Capitalism is a big issue that’s why collective action is a necessary mean to overthrow it.

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Benefits and Harm of Capitalism. (2020, Nov 29). Retrieved from https://samploon.com/benefits-and-harm-of-capitalism/

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