Is Capitalism Good

Capitalism is not bad per se. Due to this ideology, the United States and many other developed countries have achieved so much progress. Capitalism breeds innovation. The phenomenon of capitalism is simple: If one has money, he can use this money to start a business by employing labor (physical, mental or both) and technology. His success depends upon his business acumen and luck. There is an inherent risk associated with such ventures. Capitalism rewards handsomely for the risk taken by an individual if that risk yields profit. The problem is that once someone has cracked the code, he becomes richer, hence the phrase 'the rich are becoming richer.'

I do not support an opposing ideology like communism. Communism leads to tyranny, in my opinion, as has been in many communist countries in the past century, such as Russia and China. China is a capitalist country in the present times in the garb of communism.

The solution to stop the rising inequality in the world is to increase the compensation of the working class. The salary paid per working hour is low, especially in underdeveloped countries, and the working hours are too many. Another solution is to increase taxes on the big corporations, but not too much, as this would lead to the phenomenon of big government. The social security net needs to be increased for all the marginalized people of a country. Lastly, capital needs to be given to the poorest of the poor so that they start their business ventures. Government can play a big role in this.