Question

Using an ideology discussed in the textbook, construct an argument explaining how this ideology upholds the public good by examining power, order, and justice. We can choose between conservatism, capitalism, libertarianism, and socialism.

Answer 1

Introduction

All economies of the world, require setting up of systems and an ideology in order to be able to manage their society in a good manner. Since long times, economies have followed different models as per their own ideology and social norms to be able to manage their society.

For the purpose of analyzing this case study, we have used the concepts of capitalism to explain how most countries are moving towards the concept thus enabling themselves to attain higher development most developed countries have developed procedures that enable them on the road of success.

Capitalism refers to private players handling the resources of a country thus conducting those activities in which their own interest in the form of profits increases. The United States is one such economy which focuses its attention on capitalism and has built the society on that terms only.

Case Specifics:-

The basic nature, of capitalism is such that it translates into companies and firms offering those products for sale that are in high need and demand for the consumers. State or government intervention is extremely low and is just limited to setting up law and order and overall monitoring.

The main advantage of this strategy is that it prevents the creation of bad companies in which people work without looking at the customers’ needs and wants. For example a different strategy followed by some countries is that of socialism which works on the policies of high government regulation, In this, people have little to no choice to be made in the goods they select to purchase since these are decided by the government hence, most government companies are inefficient since they can produce in whatever quality and quantity they desire in the absence of any competition.

Capitalism is one of the key policies which helps in bringing technical expertise and greater technological development since competition is extremely high and countries desire to move ahead of one another in the long run respectively.

How the Policy Brings Public Good?

The power of the economy in a capitalist society lie in the hands of the private players but is mostly dominated by what people want to purchase in the market space. It is long argued for this reason that it is the best model for higher customer overall satisfaction.

The economics of capitalism works in a manner that producers in the long run will only produce those goods which the customers are ready to purchase in the quality and price acceptable or they would lose out on competition.

On the other hand, government can lay its focus on law and order thus focusing on one particular sector would help it in bringing greater productivity to the sector.

In socialist economies the main reason for inefficiency to arise is the fact, that government agencies are not competent enough at most times to derive demand patterns and in most cases these companies end up in being a burden to the national exchequer.

On the contrary, the foundation of capitalism is built on customer satisfaction which in turn helps in providing adequate employment opportunity and overall economic development. While the government can lay its focus on other areas.

Further, redistribution takes place in the way of increased overall development of the nation and increased jobs in every segment for each section of the society. In most cases, capitalist economies have better distribution of income than most other counterparts leading to efficient organizations and systems.

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