If you’re curious about what some of the benefits of living in a capitalist society are, Crystal Clanton has some tips to discover a few of the key benefits of capitalism.
The Key Benefits of Capitalism:
1. Capitalism encourages citizens to work hard in order to increase their personal wealth
In capitalist societies, individuals are encouraged to work hard in order to increase their personal wealth. As capitalist countries avoid overtaxing individuals who earn a sizeable income as they realize that if individuals who earn a sizeable income are taxed highly, they’ll be less likely to work as hard.
As what is the point of bringing in hundreds of thousands or millions of dollars per year, if you’re going to get stung with a high tax rate which will reduce your take-home income by over 50%.
2. Capitalist countries force individuals to take responsibility for their own finances
While socialist countries spend a huge proportion of the country’s budget on social development and social services such as unemployment benefits, capitalist countries don’t reward individuals for being unemployed like socialist countries often do and instead push their citizens to search for a suitable job.
While many capitalist countries still provide individuals with a small bare minimum amount of support, they typically avoid offering unemployed individuals with a large amount of support. As giving unemployed individuals too much money, won’t give them the push they need to seek out suitable employment opportunities.
3. Capitalist countries support the development of new businesses
Capitalist countries support and encourage the development of new start-up businesses, which in turn will create countless new jobs and will increase capitalist countries economy. How do capitalist countries support the development of businesses? Many capitalist countries offer financial incentives such as tax breaks which target individuals who are looking to launch their own businesses. Such financial incentives are designed to make building a successful business an easier task.
4. Capitalism societies generally boast thriving economies
When a country boasts a strong economy, the quality of life of the country’s citizens will increase dramatically as the country’s dollar will increase and will give citizens a higher level of purchasing power.
Which means that individuals will be able to afford to purchase more goods and services with their disposable income than they would be able to purchase in a struggling economy.
4. Capitalist societies generally are less corrupt than socialist societies
Generally, capitalist societies are generally less corrupt than socialist societies as in socialist societies the government often takes control of most of the society’s businesses. Generally speaking, a government should never have control of over 50% of a country’s businesses. Instead, countries which boast a thriving public sector, tend to offer citizens a higher level of freedom and self-determination than socialist societies.
Unfortunately, in many socialist societies, individuals are actually arrested for speaking their mind and expressing a viewpoint which differs from that of their socialist government.
In short, there are a wide array of benefits of choosing to live in a modern, capitalist society which encourages individuals to flourish on their own merits!