Capitalism is in Crisis

Topic

Capitalism is in Crisis

Instructions

“Capitalism is in crisis.” To what extent do you agree with this statement? Give evidence and

examples to support your answer.

Answer preview

Capitalism is an economic system that allows capital resources to be owned by private individuals as opposed to the state (Abercrombie et al., 2015). In that regard, the economy of a country is driven by people who own and own private firms. Capitalism ideology was developed in a bid to revolutionize trade practices. Therefore, the concept traced its origin in Western Europe in the 17th century and was aimed to increase productive technology especially after trade merchants had acquired enough wealth. Adam Smith and Karl Marx were founding philosophers of the ideology; the latter emphasized on Marxism while the former dwelt on economic liberalization (Amin, 2014).

Word count: 803

Slide count: 8