Unregulated Capitalism Undermines the Legitimacy of...

Introduction In a capitalist system, businesses compete with one another to produce the most innovative merchandise at the most competitive prices; in turn, consumers freely select the most desirable products. According to Adam Smith, this competition, when left unregulated, fosters maximum wealth and the common good (Economist 2-3). Indeed, unmanaged competition may ensure prices are affordable for consumers (2). However, in a global free market that exploits cheap labour; market demand dwindles, resulting in excessive credit lending and debt crises (Li 295-6). In this way, capitalism’s efficiency and promotion of the common good is questionable. Since the resurgence of unregulated capitalism in the late 20th century, social†¦show more content†¦Historically, freedom was viewed strictly as political liberty, but this has evolved into the right to live as one chooses, equipped with essential resources (Charmichael 41). Similarly, equality has broadened from the mere idea of equal citizenship rights to the idea that some government interference may be required to ensure the accessibility of rights. For example, all people have the right to legal counsel, but for those who cannot afford a lawyer, legal aid may be required. Though liberals agree that everyone should have equal access to rights, the extent that government should minimize social inequities is debatable (42). In general, liberal democrats prioritize political equality, entailing equal voting rights and representative government (Harder 75; Plattner 131-2), as well as economic freedom, which protects property rights and allows businesses to operate free o f government (Kellogg 52; Plattner 128). As such, economic inequalities are typically viewed as a natural consequence of freedom. Nevertheless, some liberals argue that government need not constrain economic freedom if it promotes equal opportunities (Mintz 105-6). In a liberal democracy, the notion that property is a private matter (Kellogg 52) has evolved over time. In the laissez faire era of the late 19th century, property rights enabled owners to subject workers to intolerable workingShow MoreRelatedEssay on Classical Liberal Theory1055 Words   |  5 PagesClassical Liberal Theory Classical liberalism is a very interesting political theory. The underlying belief is that what makes a person human is freedom from the dependence on the will of others. It is complete freedom from any relations with others, except those entered voluntarily. Another main point of classical liberalism is that the individual is the owner of his person and his capacities, for which he owes nothing to society. The individual, although free, has no power to limit anyoneRead MoreThe Rise of China and Future of the West17670 Words   |  71 Pagesand the Future of the West Can the Liberal System Survive? By G. John Ikenberry January/February 2008 Summary:   Chinas rise will inevitably bring the United States unipolar moment to an end. But that does not necessarily mean a violent power struggle or the overthrow of the Western system. The U.S.-led international order can remain dominant even while integrating a more powerful China -- but only if Washington sets about strengthening that liberal order now. G. JOHN IKENBERRY is AlbertRead MoreOrganisational Theory230255 Words   |  922 Pagesculture: when there is insufficient conflict Understanding the purpose of the organization and embedding it in the culture Critical theory and psychoanalysis present challenging perspectives for organizational design Social democracy and the democratic organization Democracy, rationality and power A psychodynamic perspective on design – create the boundaries Critical theory and psychoanalysis challenge understandings of leadership and management Conclusions 330 330 332 332 332 339 340 341 342Read MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagestwentieth century in myriad ways. On the one hand, the war set in motion transformative processes that were clearly major departures from those that defined the nineteenth-century world order. On the other, it perversely unleashed forces that would undermine Western world dominance and greatly constrict the forces advancing globalization, both of which can be seen as hallmarks of the opening decades of the twentieth century. This intermingling of the forces and processes that were arguably essential