Question Two: Capitalism is a highly dynamic system of production wherein constant change and inequalities are integral. Discuss.
Capitalism first achieved recognition at the start of the 19th century when the Industrial Revolution took place. Large industrial cartels and monopolies were founded, the ownership and management of industry by financiers separated from the production process, corporate holdings of capital through stock ownership and the improvement of a complex system of banking and an equity market influenced almost every aspect of daily life and human society in some way when advancement in technological and economic process gained power through the exercise of trade and employment ( Savage, Warde and Ward 2003). However, the effects created by the Great Depression at the end of the 19th century caused a vast majority of people to question the stability and abundance of capitalism (Engerman 2001). The criticms of Capitalism since its introduction are as followed: Unequal distribution of wealth and income, the disintegration in religions, free market and property rights, market failures, market instability, profit and exploitation, inefficiency and waste, employment/unemployment and human rights violations. These problems are still present today and are causing constant changes. This paper asseses the various influences which are caused by the forces of capitalism.Firstly, the impact of capitalism on various political response and socio-economic class will be discussed. Secondly, India’s economic condition with be used as a case study to reflect on the impacts of capitalism. Lastly, it concludes that capitalism has led to many negative transformation across the world especially in many dveeloping countires but is inevitable as in order to improve ...