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Capitalism: - Political and Economic System

Capitalism is a political and economic system defined by private ownership of the means of production and market exchange. Goods and services are produced to satisfy human needs and desires through a free market. Individuals are typically self-interested and focused on acquiring wealth and property. Socialism places ownership of production in state hands, while state capitalism involves some level of state ownership and control over production. Supporters argue capitalism is most efficient at meeting human desires and respects individual rights to liberty and private property. However, critics argue it can lead to inequality, prioritize profits over ethics, and damage the environment if left unchecked.

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88 views12 pages

Capitalism: - Political and Economic System

Capitalism is a political and economic system defined by private ownership of the means of production and market exchange. Goods and services are produced to satisfy human needs and desires through a free market. Individuals are typically self-interested and focused on acquiring wealth and property. Socialism places ownership of production in state hands, while state capitalism involves some level of state ownership and control over production. Supporters argue capitalism is most efficient at meeting human desires and respects individual rights to liberty and private property. However, critics argue it can lead to inequality, prioritize profits over ethics, and damage the environment if left unchecked.

Uploaded by

ayeshajamilafridi
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPT, PDF, TXT or read online on Scribd
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Capitalism

Political and economic system


Ownership of means of production in private hands
Individual or companies

Goods and services exchanged via market economy

Persons assumed to be primarily


Self-interested and acquisitive

Other Political/Economic Systems


Socialism
State: ownership of means of production in state hands. Worker: workers own the means of production.

State capitalism
State owns some or all of the means of production. State influences production and distribution, e.g. state investment.

Arguments for Capitalism


Defended in terms of
Efficiency: better able to satisfy human needs and desires than other systems. Rights:
Liberty: to do what I want as long as I dont harm others. Property: to own things that I create with my labor or fairly exchange with others.

Core Values
Liberty Right to property Trust
Honesty Informed consent

Adam Smith
Core values:
(upon) the duties of justice, of truth, of chastity, of fidelitydepends the very existence of human society, which would crumble into nothing if mankind were not generally impressed with a reverence for those important rules of conduct

Moral Constraints: Adam Smith


Concern for others:
The wise and virtuous man is at all times willing that his own private interest should be sacrificed to the public interest of his own particular order or society.

Trust:
Humanity does not desire to be great, but to be beloved. It is not in being rich that truth and justice would rejoice, but in being trusted and believed

Adam Smith
Morality trumps self-interest:
reason, principle, conscienceIt is he who, whenever we are about to act so as to affect the happiness of others, calls to usthat we are but one of the multitude, in no respect better than any other in it; and that when we prefer ourselves so shamefully and so blindly to others, we become the proper objects of resentment, abhorrence, and execration.

Limits on right to property: John Locke


Lockean proviso: As long as enough and as good is left for others.

Limits of Capitalism
It cannot provide public goods. Temptation to think that profit is the only goal or most important goal for humans. It is indifferent to the justice of the distribution of goods and services. Companies can become more powerful than countries.

Critiques of Capitalism
It leads to poverty and inequality. It prioritizes material goods over less tangible ones (e.g. ethical and spiritual goods). If unchecked, it leads to monopolies. If unchecked, it leads to environmental degradation. Workers are alienated and economically insecure.

Corporations
Limited liability and long life Publically held versus private For-profit versus non profit
For-profit-- management has a fiduciary obligation to prioritize profit, within limits. Non-profit--general obligation to further corporate goals within limits.

B corporations
Managers are required to take actions that are good for society.

Are corporations persons?


Moral agency versus moral personhood.
Agency implies responsibility. Personhood implies a duty of respect and/or care.

What are human persons entitled to? Are corporate persons entitled to the same things as human persons?

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