Capitalism is a socio economic arrangement which let businesses to earn profit from good and services they provide (Conjecture Corporation, 2013). Most of the countries chose various forms of capitalism. In the words of Paul Browne, “capitalism is an economic ideology that confers control of productive institutions to the owners of capital is often at odds with democracy…. Hence the tensions that arise when a society commits itself to democratic capitalism…. Our focus should be on sorting out these tensions … rather than clinging to a notion that 'free markets' are efficient (good) and 'government' is inefficient (bad)” (Heskett, 2009). In a capitalist system, people have right to earn and spend money in however they want to (Heskett, 2009). Though most of countries are capitalist economies but it may not prove to be beneficial for all.

Analysis

Capitalist economies are viewed as money minded economies, and people are considered only if they owners or shareholders of business firms. Companies are treated by the same laws as individuals in a capitalist society. Government control is limited in case of capitalist market. Though in a capitalism model people have right to earn maximum profits but it may not hold beneficial for all, and may lead to stagnation of social development (Wilczek, 2011). Social mobility, income inequality and excessive consumption are few issued created due to global capitalism. It is beneficial for big firms and to those who are in power, infact this system makes rich richer and poor poorer.

Australian firms such as Optus a BHP Bolliton have their call centres in India and Philippines, as to outsource the market and cheap labours available in these markets. The companies hire workers from such markets who are willing to work at lower wages and thus barring employment opportunities for Australians. The companies are only concerned about their profits and not about the society. As according to the Australian law, the firms have to provide safe working environment and a minimum wage fixed to the Australian worker but it is not the case with Indian and Chinese workers, as they are paid very low wages along with unfavourable working conditions. Even child labour is promoted to increase revenue and decrease costs. According to Marx, capitalism provides material benefits but is not contributed equally.

Capitalism do provide private benefits to business owners but not socially beneficial for all. There exists a negative relationship between business and society in a capitalist economy. Gender inequality is also being observed in a capitalist society but there exists laws and policies to protect weaker gender (women), thus shows a positive relationship between business and government.

Conclusion

The global capitalism system is giving rise to many inequalities in the society and is required to be criticised. It is not only affecting humans unequally but also affecting environment negatively due to heavy consumption as it generates heavy competition in the market. If capitalism is not being questioned then we are letting the concentration of profits only in few hands (Wilczek, 2011). I don’t completely agree with the statement that “Capitalism benefits everybody”.

Works Cited

Conjecture Corporation, 2013. What is Capitalism?. [Online]
Available at: http://www.wisegeek.org/what-is-capitalism.htm
[Accessed 27 August 2013].

Heskett, J., 2009. What is the Role of Government Vis-à-Vis Capitalism?. [Online]
Available at: http://hbswk.hbs.edu/item/6304.html
[Accessed 27 August 2013].

Wilczek, T., 2011. The Negative Impact of Capitalism on the Global Society, s.l.: Academia.edu.