Capitalism is the economic system of production and distribution based on the private property and the equal opportunities for business for everyone. The major criteria of capitalism are the constant accumulation and increase of the capital and increase of benefit. In fact there are many explanations of the term ‘capitalism’ which depend on the philosophic branch and understanding of the problem. The core of capitalism is the manufacturing of goods and services, marketing, management and other aspects of the economic activity. The greater part of goods and services is produced for trade. The exchange is conducted on the free markets on the basis of the mutual benefit. If the exchange is not profitable for the one of the members of the operation, he can refuse to exchange. The materials, means and resources of production are also private and the capitalist disposes his property the way he wants.
The major activity which is supported in capitalism is work, but it is not a forced labour but the work with the purpose to earn money and support one’s living. The history of capitalism is not so long, because it started approximately in the 18th century with the industrial revolution which took place in Europe and set the new rules of the social life. In the past the capitalist society was divided into the classes (the major class was represented by the rich individuals called bourgeoisie and the lower class were the working-class). Nowadays the situation is different, because the society has become richer and the middle class has been formed.
Capitalism is the leading economic system nowadays which has its strong and weak sides. It is obvious that the system requires improvement and a term paper is a chance for students to research the topic in detail and suggest the best variants of improvement. The student should focus on the major principles and aspects of capitalism, pay attention to the historic development of the system and observe its gradual development and predict its future condition. It is useful to compare capitalism to other economic systems and define its advantages and disadvantages.
The student can also present the most influential philosophers which supported and ‘created’ capitalism and compare their arguments to the ideas of the opponents of capitalism.
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