Answer

Capitalism

Debates around capitalism often attract controversial opinions in the public domain, especially when looked from a social equality point of view. It is understood that the facets of capitalism in the modern world have contributed significantly to innovation and economic growth. The fact that capitalism transfers property rights to individuals has been deemed the most critical driver of prosperity. However, capitalism’s counterpoise indicates its significant limitations, including the creation of inequalities and aggravation of market failure (Hayes, 2020). Based on the observations of the various aspects of capitalism and their contribution to society, my perspective finds private property extremely important to prosperity.

Private property facet of capitalism gives individuals discretion and authority over their property within the premise of the law, and it plays a crucial role in prosperity. It boosts citizens` confidence in capital accumulation and investment, crucial to the overall growth of the economy. Markets and competition are other aspects of capitalism that most individuals in society would appreciate. Through market and competition, capitalism forces private businesses to focus on the efficiency of services and products, translating to lower prices (Hayes, 2020).

However, some aspects of such as accumulation of capital can be detrimental in society playing the role of promoting inequalities and exploiting citizens. The driving force behind a capitalist system’s economic activity is on making profits. Extreme focus on profits and accumulation of capital generates to create aspects of exploitation of individuals and low-quality production (El Sherbini, 2016). The factors of production components are also worrying. Transferring factors such as labor into private control yield exploitation. It is possible that surplus product is held by producers and used to achieve additional profits, unlike in communist systems.

The United States economic system is constructed on the premise of capitalism, and it carries both positive and negative implications on society. However, one area of concern relating to capitalism in the United States entails its contribution to undermining access to social services, including healthcare and education. The perspective of capitalism attaches financial gains in every activity, and that means individuals from low-income families cannot access essential services. Capitalism is a catalyst for social divisions, contributes to the exploitation of workers, and reduces the marginal utility of wealth.