The capitalist economy
Watch the following videos to help you with the assignment:
https://www.youtube.com/watch?v=tGX-fK-DHtU
https://www.youtube.com/watch?v=kwi7Dg94VnU
The capitalist economy has triumphed over all other economies largely because of its resilient via innovation and adaptation. However, the outcome is that the inherent contradictions of capitalis to an external site. (people are working but with their frugality, they can't make ends meet) has engendered social problems that were unimaginable a few decades ago. In this discussion, using paragraph breaks, I want you to:https://socialsci.libretexts.org/Bookshelves/Sociology/Introduction_to_Sociology/Book%3A_Sociology_(Boundless)/03%3A_Culture/3.05%3A_Culture_and_the_Dominant_Ideology_in_the_U.S./3.5C%3A_Value_Contradictions
Identify 2 characteristics of capitalism
Identify and explain an emergent contradiction of any of the characteristics drawn from the video.
A post could be between 6 and 8 sentences. It is more about quality and insight then the quantity.
Sample Solution
Characteristic of Capitalism #1: Innovation and Adaptation The capitalist economy has triumphed over other economies largely due to its dynamic nature, enabling it to innovate and adapt quickly. With this resilience, capitalists are able to reduce costs or explore new markets in order to make profits. On the flipside, this process can also cause problems for society as a whole.
Contradiction of Characteristics: Profit-oriented Decision Making
The main contradiction associated with capitalism is that decision making is often based on profit rather than social welfare or need. This means that companies may put short-term gain ahead of long term sustainability, leading to potential negative consequences such as environmental degradation or exploitation of workers. Moreover, since the focus is on accumulating wealth from various investments and activities, individuals tend to be driven away from public goods and services whose benefits have a larger impact on society but relatively lower financial rewards for those involved in providing them.
Characteristic of Capitalism #2: Wage Labor
In capitalism wage labor forms an integral part of the economic system wherein the laborer sells their labor power (time) in exchange for money – i.e., they work for wages instead of owning their own business or working independently as self-employed artisans or craftspeople did before industrialization took hold. The availability of cheap labor created by wage laborers enables capitalists/business owners to generate more profit from decreased production costs even if it causes hardship among working class populations who barely earn enough money to cover basic needs like food and shelter despite having worked hard all day long without rest days off for extended periods at time .
Contradiction of Characteristics: Inequality & Exploitation
A key consequence associated with wage labor under capitalism is widening economic inequality between employers who benefit from increased returns generated by cheaper production costs and employees who still struggle financially despite putting in more hours than ever before into their work yet failing to achieve financial security due inadequate wages offered which leaves them dependent upon government assistance programs like SNAP just so they can provide minimal sustenance levels required living a decent life standard as dictated by contemporary societal norms . This form income disparity combined with harsh working conditions frequently found within corporate environments adds further fuel towards already existing sense alienation rampant amongst most members belonging lower socio-economic brackets whereby majority these people feel powerless against dominant forces directing course events unfold around them affecting daily lives directly indirectly