Effective Strategies for Regulating Capitalism in Modern Economies

Effective Strategies for Regulating Capitalism in Modern Economies

Introduction

Capitalism is a political and economic structure in which a nation’s trade and industry are controlled by private proprietors for profit, rather than by the nation and socially it is based on the principle of individual rights (Bowles 2007). Capitalism is characterized by accumulation of capital, competitive markets, limited government and wage labor (Ingham 2008). Politically, capitalism employs laissez-faire (freedom) system. Legally a system of objective laws (opposed to rule of man) and economically, when such is applied it results in free-markets (Paul 2013). It is therefore true to say that capitalism results in unequal distribution of wealth, waste due to uneven distribution of resources, dangerous working conditions, lack of democracy as the wealth have the greatest…