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Pages 5 (1255 words)
It is imperative that one understands the meaning of the terms before looking into the whole term, capitalism is basically an economic system in which the ownership of the means of production is primarily made and maintained by the private individuals or corporations, where as the word global refers to the universalism of capitalism, capitalism has been an ideology which has spread through out the world because of what it propagates, first of all it is important to understand that capitalism grew because of the failure and lack of alternatives to the ideology…
Basically an economic system aims to answer 3 questions i.e. what to produce, whom to produce and how to produce, in communist states these questions were tackled by the state where the government formed certain bodies for each industry and these bodies would conduct a thorough research to determine the answers to the three economic questions, this kind of an economic system ensured that every one would get an equal share of the goods produced and there would be parity in the levels of income for the whole population. The thing that was lacking in this form of a system was that it did not cater to growth, people who were willing to work harder than the others did not get a reward for the work they would do and hence there was no place for individualism in this economic system, this was indeed a major draw back of communism because people did not want to cater for the whole society they wanted personal benefit which was almost impossible to gain from this economic system. ...
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