Read the newspaper or magazines or watch the television and you will see capitalism is under attack. Inequality reigns supreme. While it is true that there will be inequality in capitalism, what many overlook is that with capitalism, you control your destiny.
You can choose to improve your situation and get out of life exactly what you want. Without capitalism, this isn’t an option. You are stuck in your current situation forever.
Let’s look at all of the benefits of capitalism to see why it is truly great.
3 Basic Reasons Why Capitalism Is Great
#1. It Promotes Freedom
One of the greatest benefits of capitalism is that it promotes freedom. You have almost unlimited choices thanks to capitalism. You can chose what brands of food you buy, what brands of clothes you wear, and what type of car you drive. You can even choose to invest in the stock market or not.
All of these choices are a direct result of capitalism. Without it, you might be limited to one brand of clothing and no car at all.
Furthermore, it allows companies and businesses to set prices they want to charge for their services. They can choose to set a higher price and earn more revenue from a smaller pool of customers or they can set a lower price and have a larger pool of customers.
And as the client, you can choose who you want to do business with. Without capitalism, many of the choices and things we take for granted would be gone.
#2. Allows For Opportunity
Another benefit of capitalism is opportunity. No matter what your situation, you have the opportunity to improve. You can work on the side to increase your income. You could go back to school to earn a degree and get a different job.
The possibilities for opportunity are not limited to you. Some make the mistake of thinking opportunity is limited, for example, not being able to attend college because the price is unaffordable. But this is flawed thinking.
You can attend college. You just have to figure out how to make it affordable to you. This could mean going to a community college for a few years, or going to school part time. You might have to work jobs on the side to earn more money or even earn scholarships and grants. In some cases, you might have to use debt to attend college.
While going this route isn’t going to be easy, it is still possible. And you have this opportunity thanks to capitalism.
Without capitalism, you don’t have much, if any opportunity to improve upon your situation. What you have is what you have and that is what you will have forever.
#3. Promotes Hard Work
Finally, capitalism promotes hard work. If you want something, anything, you just have to work hard to achieve it. Let’s say you want to become a millionaire one day. Thanks you capitalism, with hard work you can get there.
All you need to do is get a decent paying job and then make the choices each day on what and what not to spend your money on. Then you save and invest the rest. If you can save and invest a good portion of your income, say 15% annually, odds are you will become a millionaire one day.
Capitalism is a great thing. It offers a wealth of benefits to the people that live under its reign. It allows you to have choices, work hard, and improve your circumstances. It doesn’t have a level playing field for all participants, but that is part of its beauty.
You can start off on the lower end of the ladder and work your way up. Alternatively, if you aren’t smart financially, you can easily start at the top and fall down too.
But at the end of the day, it allows for doors to be open and for you to strive for and be exactly what you want, no questions asked.