Updated November 29, 2020

Capitalism as a System of Profits and Economic Growth

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Capitalism as a System of Profits and Economic Growth essay
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Capitalism is spread all around the world. The seek of the biggest profit margin in the less amount of time is the aim of societies participating in such a system. Privatisation and free-market economy are the basis of a system dominating the western world that is capitalism. The economies joining this system aim for profit, constant economic growth and substantial production of goods and services (Blackwater, n.d.).

Substantially dominating the western world (World Reputation Review Map, 2019), societies are enrolled in a vicious circle of profit-seeking. The engine of the economy is therefore based on business profits. Progress is made possible according to how much profit companies can make (Field, 2018). Based on this principle; an economy without profit seek would not work in the actual context based on capitalism. In fact, too big to fail companies are examples of the social responsibility of businesses and to increase their profits to keep the economy and society stable.

The potential consequences of business acting for a different aim than profit would endanger billions of employment and destabilize the all economic system (Investopedia, 2018). Therefore, increasing profit is key to the enhancement of business social responsibility. It allows corporates to be ethic in such a way that a business without profit could not be as funds are invested to respect social responsibilities. Employments protection of the environment and more generally of society are the outcome of business profits growth. Making as much profit as possible is, therefore, a question of ethic (d’Estaing, 2003).

On the other hand, Capitalism is an unsustainable system. Consumerism is in fact a necessary phenomenon in capitalist societies: an excessive amount of consideration is given to purchasing and owning things (Cambridge University Press, 2019). . It is considered as essential for the wellbeing of the system that is capitalism as it is based on profit search and therefore, purchase necessity (Kenton, 2018). The growing customer spending is an indicator of such a phenomenon; in Canada, it has not stopped growing from the late ’60s (Trading economics, n.d.). Such a trend has catastrophic consequences: The environment is, indeed, the first victim as water supply, eco-system and natural resources are affected (Mayell, 2004 ). Therefore, increasing profit is harmful for the environment.

Capitalism as a System of Profits and Economic Growth essay

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