- Elisa caner
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What do you think about Capitalism?
Since the 2008 ongoing worldwide financial crisis, more people have adopted negative and critical views as regards to financial system of capitalism. "Capitalism is the destruction of capitalism", "capitalism is a flawed system", " capitalism is neo-colonialism", are recurrent subject topics at the center of fierce political debates and disputes.
Nevertheless, can one say that capitalism is inherently flawed? Hasn't capitalism benefited us Westerns and non-Westerners in many perspectives?
I believe it is not the financial system in itself which is a failure, but the establishment of a capitalist identity, which is enhancing ever lasting critiques of the capitalism system.
Hasn't Capitalism led a fairer economic system? Enabled more freedom of the individual? Led many markets across the world to finally compete within the international market? Enhanced standardization of prices and extended more availability of choice and variation?
What needs to be changed, is not they way in which the system works, but the ideals and attributes of leading capitalist merchants. Capitalism has triggered - within a great number of people- a feeling of individualism, vanity and consumerism. However, this is NOT the case of every person who is "capitalist". What needs to be altered is people mindset, and what is truly required is a revival of the study of business ethics. One needs to stress the importance of contributing to society, rather than making profit. We need for people to think of society before profit. Business ethics needs to re-entrench itself in people's minds in order for society to function in a better manner, which will further lead to economic flourishment, and overall prosperity.