'Capitalism is a force of progress for business and society'. Discuss Essay - 1

'Capitalism is a force of progress for business and society'. Discuss - Essay Example According to Potter (2008), capitalist system in the recent scenario has encouraged the businesses to become a major cause for economic, environmental and social complications. On further analysis of his views it is ascertained that modern-day companies are developing and prospering at the cost of societal degradation. The essay intends to discuss whether capitalism is acting as a force or not in the progression of business and society. Furthermore, the essay will reflect the views and theories provided by various authors regarding capitalism and its implications upon society and business. Evaluation of Capitalism as a Force of Progress for Business and Society According to Fulcher (2004), in traditional form of business the merchants used to invest money in order to get better returns in the forms of goods and monetary valuations. In the similar context, the capitalist production in the present scenario mainly depends upon the exploitation of the wage labour. In the capitalist socie ty, labour is considered to be vital as they are engaged in more work activities that facilitate to increase the production and ultimately the consumption. Furthermore, the author’s view reflects that in the market, production along with consumption frame the basis of economic activities. As ascertained by him, market fluctuations give rise to the basis of hypothetical form of capitalism that does not result in any productivity. In this regard, this mechanism of capitalism theory frames the key operational purview of the capitalist economy. According to Cammack (1998), with the advent of capitalism, the liberal democracy has been diminished. Liberal democracy represents a governmental form that operates following the principles that are implemented to protect the rights of the minorities. The domination of capitalism in the economic sector worldwide has acted as a key force to overpower liberal democracies. In recent scenario, in the midst of capitalist society, the minor sec tion in the society is being exploited with a motive to earn more profit margins. Furthermore, inequality within the capitalist society has taken a greater height as mentioned by Cammack (2009) & Guimaraes (2012). The authors highlighted the viewpoint of Organisation for Economic Cooperation and Development (OECD) that expresses views related to globalisation. In accordance with this viewpoint, globalisation has been considered as the ‘win-win’ process by the economists but public opinions regarding the concerning view was quite hostile. The trend of inequality and the above mentioned perspective relate with the capitalist society wherein most of the firms operate within competitive world economy with profit motive. In relation to capitalism in the modern era, the corporate sector has taken over a majority of the market scenario. In this regard, Crouch (2011) explores that in the midst of liberal society, capitalism is entering by the mode of two vibrant thoughts within the societal context. The group that fears expansion of the government sector within the society prepares itself to tolerate the exploitation of private sector. Whereas, the other group is ready to encourage the growth of governmental sector in order to reduce the expansion of corporate sector within the society. Furthermore, in keeping with the notion whether capitalism is facilitating the business and societal development or not, Dicken (2010)