Benefiting The Public Good: Capitalism (Essay Sample)
Read/review the following resources for this activity:
- Textbook: Chapter 1, 2
- Minimum of 1 scholarly source
One role of government is to ensure that policies benefit the people within their jurisdiction.
- For local governments, it would be the townspeople or city dwellers.
- For the state governments, it would be the people living within the state.
- For the federal government, it would be everyone within the borders of the country.
Using an ideology discussed in the textbook, construct an argument explaining how this ideology upholds the public good by examining power, order, and justice.
Select an ideology discussed in the textbook. In an essay, examine how power, order, and justice as it relates to the ideology you choose promotes the public good.source..
Benefiting the Public Good
Benefiting the Public Good
One of the key functions of the government is to enact and enforce policies that benefit its citizens. There exist different ideologies that guide the way governments formulate and implement policies for the benefit of the people within their jurisdictions. One of such ideologies is capitalism. As informed by Magstadt (2017), capitalism is the dominant ideology in the U.S., Asia, and Europe. This paper evaluates how power, order, and justice according to capitalism promote the public good.
Capitalism is an ideology where the political authority empowers private actors to own and control property for private gain within the limits of set laws and regulations (Scott, 2006). In a capitalist system, capital can earn returns, and workers can sell their labor for wages. As pointed out by Magstadt (2017), there is an emphasis on the role of market forces in capitalism, that the forces of demand and supply should determine prices, values, and costs as well as allocate scare resources. The author, however, points out that the notion of a free market is a myth as no economy in the modern world can function without rules and regulations. Therefore, capitalism today works within the framework of laws and regulations.
In a capitalist society, the political authority provides the infrastructure as well as a system of laws and regulations that allow economic actors to compete for their benefit as well as that of the public. The political authority (the government) thus establishes the order
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