Capitalism And The Economic System Of Capitalism - 1820 Words

Throughout history, Capitalism in America has been proven to be simply the greatest economic system that brings people from nothing to something. This system has allowed America to grant opportunities to millions of people from all different backgrounds that Socialism and Communism could not duplicate. Individuals, under Capitalism, take a chance and either fail or succeed with money, time, and hard work put in to achieve their goal. Those who are unsuccessful their first try continuously get back up until one day they achieve success. The satisfaction and joy received from their hard work is incredible. It s a feeling that cannot be accomplished through Socialism and is the very source that fuels the economic system of Capitalism. Of†¦show more content†¦Despite the unrealistic novel, the other reason that the message failed was because the American people realized that the benefits that big business brought to the economy and to Americans themselves, far outweighs the nega tives. They saw the huge success that capitalism brought to America is a valid reason to continue its practice and not move towards a socialist policy as pushed by Sinclair. Big businesses were able to drive the economy and provide many opportunities to Americans due to no government intervention. Owned and operated by Andrew Carnegie, the steel business was able to progress efficiently as an independent organization bringing many benefits to the economy. He ultimately set a modern example to the entire steel industry by revolutionizing the way steel was produced. He brought opportunities to the American people by making steel a cheap and reliable product. It was finally affordable for bridges and skyscrapers to be built. It was feeding national growth by already adding to a prosperous industry. Steel brought higher life, more jobs, and national respect for many Americans. Furthermore, John D. Rockefeller’s Standard Oil Company brought many similar benefits. The demand for crude oil, back in the early 1900s, was only increasing. It forced the oil industry to expand business and search for new drilling grounds. The new discoveries required many new workers, thus, increasing the number of jobs for Americans and providingShow MoreRelatedThe Economic System Of Capitalism16 39 Words   |  7 PagesIndustrial Revolution in Western Europe provided the context for economists and political writers of the nineteenth century to promote three different economic plans designed to meet the needs of workers and entrepreneurs. Capitalism was first proposed by Adam Smith as a reform plan for the existing economic system of mercantilism. The major tenets of capitalism included: free enterprise, competition at every level, and private property. 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