1. Summary
The economics of capitalism work in five interactions: product, money, labor, production means, and production.
Individuals participate in the economy by paying by consuming goods and providing labor at the same time.
Entities produce products and services that consumers want. Corporations have to increase sales to make a profit so they can succeed in the business without losing money.
Socialism is a society in which all individuals have equal access to resources based on the amount of labor.
Socialists argue that capitalism creates an unequal society and unfairly concentrates power and wealth.
Both capitalism and socialism are criticized.
2. What was interesting / What did you learn
I agree with those who criticize that capitalism is related to the unfair distribution of wealth and power.
It is because I think that as capitalism grows, capital and power are concentrated in certain people.
Ravi Batra argued that income and wealth inequality are fundamental causes of the financial crisis and economic recession, which leads to the collapse of capitalism and the emergence of new social order.
It was an interesting argument, but I don't think capitalism would collapse. Rather, I think it will get worse and worse.
3. Discussion point
Both capitalism and socialism have something to criticize. What is the way to supplement those areas?
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