Capitalism Is a Force for Social Progress

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Technological development in the modern world is as a result of funding from capitalist entities which have ensured that there is technology for everyday needs. People in society today cannot do without technology because the latter allows their lives to become easier since they are able to put in less effort in order to conduct everyday activities. The swift technological development that has been seen in recent decades would not have been possible without the investment of capital since this is the motivation behind individuals becoming innovative (Goldstein and Lee 2005, p.212). In most circumstances, it is the possible financial incentives as well as the need to improve on current technology that has spurred individuals to develop an even better technology. Through the efforts of these individuals, the investment that is made in their projects and their hope of gaining a profit from their inventions encourages individuals to create technologies that are useful for the whole of society. In this way, capitalism has contributed to social progress because it has enabled the development of technology that is put into use by billions of people every day. This is a circumstance which would not be possible in any other economic system, especially communism because the incentive to advance technology would not be there since, in the latter economic system, individuals do not gain from what they invent. Only under the capitalist system do individuals have the right to private property and this gives them the freedom they need to become innovative.Capitalism has been credited with enabling individuals who come from relatively poor backgrounds to advance in society and this has encouraged people to work hard as a means of securing this advancement.