Question

Why is capitalism good for society?

Why is capitalism good for society?

Homework Answers

Answer #1
  • Capitalism also referred to as the free market economy is an economic system which is established and run by the market forces rather than the government or state Power.
  • It is usually considered to be good for a society for various reasons.
  • A capitalist economy is run by the supply and demand forces Within the economy.
  • This encourages competition within the economy where consumer's can select their best products at best prices.
  • Firms also benefit as they become more innovative and productive due to greater competitive forces.
  • Freedom from political power makes the economy more efficient and innovative.
  • This makes an economy more dynamic and encourages more economic growth which can bring profits to the firm's while at the same time enhance the surplus of consumers when tax burden is removed.
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