It’s pointed out that progress, on the other hand, can be defined as a gradual shift from one state to another. This paper seeks to discuss capitalism as a force of progress for business and society. Capitalism as a Force of Progress for Business and Society In a capitalistic nation, a business and a society can be seen to relate in that both involve a group of people held by some common beliefs and objectives. The main principle applied in capitalism as an economic system is the principle of open competition. Capitalism treats all parties in an economy equally. As such, completion gets encouraged in the production of goods and delivery of services (Chang 2011, p.133). With capitalism, more choices get given for goods needed in an economy. This gives customers a large pool of products from which to choose their preferred taste. Capitalism makes it possible for these goods to come at the preferred prices of the customers. The same product may be produced at different levels of quality so as to be affordable to all classes of people in an economy. Competition has a wide range of benefits to the business sector. One such benefit is that it ensures continuous production of standard goods as businesses try to compete with each other. In a competitive environment, businesses get to acquire the most competitive human labor available in the market. In order to impress businesses, individuals get required that they keep their skills up to date. Competition in a capitalistic society also entails competing for the available scarce resources (Hurrell 2007, p.348). This competition keeps businesses on their toes in terms of management and production. It is, therefore, necessary for the progress of such a society. In a capitalistic economy, the influence of the government on production gets highly minimized. This allows for all owners of the factors of production to compete fairly in the economy. Lack of government interference further ensures that potential investors get attracted to invest in such an economy. This is because they feel that they will have sole control of their production processes. When companies have less burdensome regulations from the government, they tend to perform better than when there is a lot of regulation from the government (Wade 2009, p.568). Capitalism is most cases work for the social good of society. Although it may seem at the first instance that in capitalism everyone is greedy for money, an inner look of the matter may reveal otherwise. Every economic activity carried out in a capitalistic economy provides some benefits to another person different from the one producing it. Goods and services offered get produced by owners of the factors of production who later use the same income to pay for the factors of production such as labor and raw materials. These incomes, therefore, get rechanneled back to the economy. Capitalism brings equality in society. No matter where a person may start in life, everyone has the opportunity to achieve what they wish. The basic principle used is that the harder one works the higher the reward one gets. Capitalism treats all individuals in a society equally providing them with equal opportunities to succeed. In a capitalistic society, all individuals get subjected to the same rules that govern the production activities in such a country. Capitalism further providesfreedom to society.
Capitalism as a Force of Progress for Business and Society