According to Fulcher (2004), in the traditional form of business, the merchants used to invest money in order to get better returns in the forms of goods and monetary valuations. In a similar context, the capitalist production in the present scenario mainly depends upon the exploitation of wage labor. In the capitalist society, labor is considered to be vital as they are engaged in more work activities that facilitate to increase the production and ultimately the consumer. Furthermore, the author’s view reflects that in the market, production along with consumption frames the basis of economic activities. As ascertained by him, market fluctuations give rise to the basis of the hypothetical form of capitalism that does not result in any productivity. In this regard, this mechanism of capitalism theory frames the key operational purview of the capitalist economy. According to Cammack (1998), with the advent of capitalism, liberal democracy has been diminished. Liberal democracy represents a governmental form that operates following the principles that are implemented to protect the rights of the minorities. The domination of capitalism in the economic sector worldwide has acted as a key force to overpower liberal democracies. In the recent scenario, in the midst of capitalist society, the minor section in the society is being exploited with a motive to earn more profit margins. Furthermore, inequality within the capitalist society has taken a greater height as mentioned by Cammack (2009) Guimaraes (2012). The authors highlighted the viewpoint of the Organisation for Economic Cooperation and Development (OECD) that expresses views related to globalization. In accordance with this viewpoint, globalization has been considered as the ‘win-win’ process by the economists but public opinions regarding the concerning view were quite hostile. The trend of inequality and the above-mentioned perspective relate with the capitalist society wherein most of the firms operate within a competitive world economy with the profit motive. In relation to capitalism in the modern era, the corporate sector has taken over a majority of the market scenario. In this regard, Crouch (2011) explores that in the midst of liberal society, capitalism is entering by the mode of two vibrant thoughts within the societal context. The group that fears the expansion of the government sector within the society prepares itself to tolerate the exploitation of the private sector. Whereas, the other group is ready to encourage the growth of the governmental sector in order to reduce the expansion of the corporate sector within society. Furthermore, in keeping with the notion of whether capitalism is facilitating the business and societal development or not, Dicken (2010) expresses the global shift and its implications over society. In accordance with today’s global economic shift, the market and the trade scenario have vastly changed. The Global shifts have shown a considerable amount of growth in the economy that has been mainly contributed by capitalism. As explored by Fulcher (2004) Gamble (2009), capitalism faces the challenges pertaining to the economic crisis as well. They mainly focused on the fact that in the society wherein there is a dominance of capitalism, there is no requirement to search for any other alternatives. The authors state that in order to bring about reforms within the society, it is necessary to indulge changes in capitalism.
Capitalism and Progress for Business