From The Outset Of The Twenty-First Century, Capitalism

From the outset of the twenty-first century, capitalism appeared to be the most dominant economic force the world had ever seen. With a free market reaching across the globe and countless nations embracing its economic success, capitalism’s influence and prestige had never been greater. However, recent economic struggles on a global scale may have inclined a change of heart among capitalism’s heirs; a Harvard Institute of Politics poll found that only 19% of Americans, ages 18-29, identified themselves as â€Å"capitalist† (Foroohar 26). When combining the poll’s results with the possibility of polarizing labor changes in the future, capitalism appears to be at risk of losing its place on the throne. Despite the doubts surrounding the economic†¦show more content†¦Although capitalism stands for relief and freedom, the economic system tends to express a few side effects. For instance, twenty-first century capitalism has had the tendency to widen th e gap between the poor and the rich. Pope Francis – current head of the Catholic Church – has expressed his discontent for capitalism’s â€Å"imbalances† and â€Å"lack of real concern for human beings† in several addresses to the public (Huddleston). The Pope’s disgust with capitalism lies in the growing inequality being creating between the poor and the rich. Pope Francis sees capitalism’s inequality as inexcusable; thus, he advocates for an economic system which takes greater social considerations. Regrettably, the inequality which can be created by capitalism plays into the hand of another adverse side effect. Stewart Lansley - economist and financial journalist – describes in a Political Quarterly article inequality’s relationship with capitalism’s economic cycles; more â€Å"equal societies have softer business cycles [while] more unequal economies are associated with more extreme cycles† (Lansley 75 4). Business cycles – both good and bad – are an integral part of capitalism. The size of booms and busts depends on wealth equality. Fortunately, the negative aspects of capitalism are manageable, and healthy capitalism can still hold its dominance over current economics. Even when considering capitalism’s flaws, its continued dominance in the twenty-first century isShow MoreRelatedChapter 1 Business Ethics2294 Words   |  10 Pagesidentifying their stakes, interests, and power sources. d. showing who the members of coalitions are or may become. e. showing what each stakeholder’s ethics are (and should be). f. developing collaborative strategies and dialogue from a â€Å"higher ground† perspective to move plans and interactions to the desired closure for all parties. 1.2 WHAT IS BUSINESS ETHICS? WHY DOES IT MATTER? 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