I am not expert at this subject and might change my view later but for now here is how it goes.

Capitalism is an economic system which I believe is THE BEST way to success, competition and life. Yes we can say everyone gets a good piece of pie and live happily. It is a happy feeling, but this I believe takes away the incentives from a person to work harder than others and slows down the process of growth nationwide. It is way better than communism and socialism where you have ownership is ascribed to community as whole. On top of that productions, capital, and land are centrally controlled. Now when everything is controlled centrally, it makes all the consumers price takers rather than price makers. When consumers are considered price takers, that¢s when the nation has monopolies and Oligopolies. Monopoly is when there is one seller and many buyers and Oligopoly is when you have few sellers and many buyers, compared to perfect competition in which there are many sellers and many buyers.

I met a few people who believe that socialism is the best way to run the economy; sure it is the best if you don’t want to work your way up. USA is looked upon as an example to prove that capitalism doesn’t work and many people believe that government should control a big chunk of economy. Why not who wouldn’t want to have monopolies so we can all be price taker instead of price makers. If government takes control I think it will have a very negative effect according that’s what I believe but, like I said before we will have more monopolies and Oligopoly. I think government controlling the economy is a bad thing but government regulating is a good thing. Due to the lack of government seeing the mistakes in big company’s books, we are in recession. So if you can work hard to regulate the market and make sure law is being followed we will have a lot less problems then we have now. Now we have government auditing the big companies and finding big holes in the sheet and come on we all know they didn’t show up in a day or two.

The reason why I think Capitalism is the best is because you have competition which brings down the prices, you want to work hard because you know the harder you work more success you will gain and keep, people want to invest in their futures because in capitalism production, distribution, and exchange of wealth is made and maintained by hard working private individuals and corporations.

As long as we have government regulating the market and make sure that people follow the law, and let the market be free we can once again achieve the heights of success.

Let me know what you guys think and you point of views?

Younas Saleem Economy