Reforming capitalism Essay

Document Type:Essay

Subject Area:Sociology

Document 1

The negative impacts of capitalism have resulted in challenges in the society and made it hard for people to achieve growth and development in different sectors. When the government does not have control of the economic activities, it also makes it hard for the national economy to grow as per the expectations of the citizens. Since the main goal of capitalism is making profits, it should be radically reformed to ensure that the government has a way of controlling the means of production to ensure that there is efficiency in the national economy as well as the ability of citizens to have access to affordable products and services. Reasons why the system is ineffective Through capitalism, the means of production are used to make goods that do not last. In this case, the manufacturing companies focus on the different ways in which they can increase their profits. As a result, they manufacture products that do not last so that the customers will have to keep on buying more after a short period. If this is not done, most of the companies will not have an opportunity to make profits which is the main goal and focus of their operations. It is for this reason that the manufacturing and processing companies produce low-quality products that will not serve all the needs of the customers (Emmenegger, 7). This is a way of exploiting customers because they will have to keep on buying products to meet their demands. Through capitalism, companies have an opportunity to exploit the consumers and make it hard for them to acquire full satisfaction of the products which they purchase.

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For example, it is possible to develop car models that do use the green energy. However, this kind of business is not profitable to the manufacturers and it is the reason why many companies will opt for the vehicles which use gasoline and other fuels which contribute to environmental pollution and result to climate change (Allen, 179). Some of the important and most efficient technologies that would assist in making the world a better place remain suppressed and this is because of capitalism which focuses on making profits. Some major developments cannot take place because the capitalist organizations have to ensure that they can still make profits which will facilitate their growth and expansion at the expense of the consumers. This has had a negative impact on how people can access some important products that would make their lives better.

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The working idea of an alternative system An alternative system to capitalism is the incorporation of both socialism and communism to work together. In most cases, some government officials and agencies work together with capitalists to make some products and services scarce with the aim of benefitting the private corporations. Overproduction is a problem in the economy but there is a high probability of having some people unable to access basic products or services despite the high rate of production (Emmenegger, 10). For example, it is possible to have a high production of food and a large number of people suffering from starvation in a country. Creating scarcity is one of the strategies used by capitalists to make profits as they will have to sell their products at high prices once the demand is high while the supply is low.

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On the other hand, customers should have access to quality and affordable products which do not expose them to health effects. • Introduction of tougher standards that company directors will have to meet The high caliber directors should have an opportunity to scrutinize every decision made in an organization. This is to ensure that a firm focuses on the benefits which the customers will achieve once they purchase the products and services from an organization (Dullien, 177). The leadership of every company should understand that people in the society need products and services which will make their lives better. Meeting the standards will, therefore, imply that the managers will have accepted to take care of the needs of the customers and not making profits through exploitation. London: Pluto Press, 2011. Print. Emmenegger, Patrick, et al.

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Three Worlds of Welfare Capitalism: The making of a classic.  Journal of European Social Policy 25.

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