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  • Subject Name : Management

Capitalism Benefits Everybody

Milton Firedman has stated, there can be no community in which democracy prevails over freedom. A society in which freedom takes precedence over equality will be benefited by both freedom and equality. In a capitalist market, the economic, social and political aspect of the business is owned by the corporate itself (ITES, 2013). Thus, it is correctly stated that Capitalism benefits the society, government, and corporations alike. The society benefits in the form of minimum wages which is kept at a level which ensured a better quality of life for the people in that society. A developed country like Australia employs capitalism for enhancing the economy. It helps the business and government by helping them to hold the wealth and power for their benefit (Woiceshyn, 2019). It helps the government by creating bureaucracy which is used for the greater good of the society. On the other hand, the businesses are benefitted as they can produce the goods and services which are in demand and ensure there is no wastage. Thus, the statement is supported that capitalism benefits everybody.

References for Australian Capitalism: Crisis and Response

ITES. (2013). Australian capitalism: crisis and response. Retrieved from https://libcom.org/library/australian-capitalism-crisis-response

Woiceshyn, J. (2019). Capitalism Benefits Everyone. Retrieved from https://www.capitalismmagazine.com/2019/11/capitalism-benefits-everyone/

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