Capitalism is often compared to other forms of governance, especially when the benefits of capitalism are discussed. The reason is that other forms have tried — and failed — to produce the kinds of economic and social success that capitalism brings. So capitalism isn’t just a “better” alternative to things like communism, socialism or even feudalism; it’s the “best” alternative. Here’s why.
Good Health
Thanks to the benefits of capitalism, every man, woman and child has the opportunity to eat fresh, wholesome foods every day. If you have an interest in a certain diet, like veganism, keto, gluten-free or paleo, you’re not only free to pursue that, but you have the variety of food choices available in grocery stores around the country. You also have the chance to exercise at will. Gyms are available everywhere, and they offer an astounding array of exercise facilities that cater to any number of fitness desires like spinning, kickboxing, Tai Chi, dance, and more. That’s all due to the fact that gyms can make money and profit from hiring trained instructors and selling gym memberships.
Social Contribution
It’s a misconception that capitalists lack a social conscience and that socialism — and altruism — are the only ways to guarantee social goodness. There are many, many companies that operate under capitalism that make significant social contributions. One obvious example is the Newman’s Own company. While profits go to charity, the company’s management and employees are well and fairly compensated for their hard work. Other employees and companies contribute to the social good, too. Even hairdressers contribute to a person’s sense of well-being. Governments operate programs that help underprivileged citizens. And tech giants contribute majorly to the employment market by sponsoring job training and hiring newly graduated kids out of college.
Professional Services Choice
Capitalism provides for a choice in professional services. Every person can pick and choose whoever they want to work for them. If you don’t like one company or the services it offers, you’re free to shop around and hire a company that gives you what you’re looking for in terms of professional services.
Healthy Competition
One of the biggest benefits of capitalism is healthy competition. Competition makes everyone better. When companies compete for business, they’re forced to provide a better variety of services or expanded services and give better customer service. Competition encourages growth. It encourages a company to find ways to improve, to not stand on its laurels and to reach for new heights of achievement. Competition is part of human nature. As long as humans compare themselves to others, there will be inherent competition in everything people do. In that way, capitalism is also an inherent part of being human.
Personal Freedom
Capitalism ensures the personal freedom to pursue your own dreams and goals. If you want to have a certain career, you’re free to take classes and enter that career, all thanks to capitalism. The classes will be available to you, and you’ll be allowed to hang a shingle for whatever business you want to go into. If you want to simply live in a cabin in the woods, you can do that, too. Personal freedom like this is only available in a capitalist society.
Ownership and Opportunity
With capitalism, you have the option of owning something, such as land, and turning that property into an opportunity, such as a farm, a rental property, or even an oil field, if the conditions are ripe. Ownership and opportunity are key features of capitalism. Without them, the future is severely limited.
Capitalism offers so many benefits, it’s impossible to list all of them. Thankfully, we live in a capitalist society and you have the freedom to choose who you work with. If you’d like to consider our employee services for your company, please contact us today.
