does reflect the ideal type of the capitalist economic model. But now it is being questioned in the wake of current economic crisis.
Bauman’s arguments about the ‘danger’ of the ideal type of capitalist system seem to be very valid. There is immense compatibility and inherent intimacy between the two concepts. It is the damaging consequences of conflict between self-preservation and moral duty that are being witnessed in U.S.
There is no doubt that there are downsides to idealistic capitalistic policies. They lead to greed and unethical conduct. But the benefits of such an economy cannot be overlooked. In the past few decades America has retained its superpower position on the basis of such economic measures.
In the documentary The One Percent, noted economist Milton Friedman argued that although much of the wealth is concentrated in the hands of the top one percent of American people, the capitalist structure has raised the overall level of people’s living standards. It has lifted people from poverty and given them opportunities to aspire for a better life. Friedman’s opinions can be challenged but what cannot be overlooked is the fact that American prosperity has come because of its adherence to idealistic