How has the adoption of capitalism influenced socio-economic disparities and entrepreneurial growth in India?
Social stratification is understood to be a ranking of individuals in a society. Such rating is granular in nature as it looks at various aspects including, wealth, income, education, power among others. This therefore leads to the emergence of different layers of society with varying degree of privRead more
Social stratification is understood to be a ranking of individuals in a society. Such rating is granular in nature as it looks at various aspects including, wealth, income, education, power among others. This therefore leads to the emergence of different layers of society with varying degree of privileges and chances.
Theoretical perspectives of sociology admit that there is a possibility of movement, upward or downward, from one social stratum to another. Nonetheless, Contemporary society still bears the scars that social stratification has on its members. Those people who are born in the upper class have an easier time enjoying, amongst others, access to quality education, health care and social networks, thus perpetuating the socio economic divide. Structural forms of inequality such as racism and the gendered class discrimination works in curbing the chances of the few that are already marginalized.
Additionally, the distribution of wealth among the people has also changed in that the wealth has become concentrated and a few have grappled with meeting even the basic needs. As an effect, it encourages social kamikaze activities, increases the risks of regime change, and also deteriorates the status of human health. To mitigate the challenges, the formulation of the policies should focus on equalizing opportunities, decreasing intolerance and achieving even distribution of resources.
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In my opinion, a capitalistic economy is not particularly bad to society. The case of India is a good example where it has both worked for and against it, or, what people say, a double-edged sword. On one hand, it rapidly fuels the economic growth which in turn creates jobs and ultimately boosts livRead more
In my opinion, a capitalistic economy is not particularly bad to society. The case of India is a good example where it has both worked for and against it, or, what people say, a double-edged sword.
On one hand, it rapidly fuels the economic growth which in turn creates jobs and ultimately boosts living standards for many. This led to a entrepreneurial growth which now shows in – numerous startups along with innovative small businesses in all over India.
A live example can be shown with the rise of tech giants like Infosys and TCS which is a testament to the entrepreneurial spirit unleashed by market-driven forces. Where millions are lifted out of poverty, while the middle class expanding significantly.
Even so, on the other hand, the chase for profits is worsening the already existing social inequalities.
Which means, the gap that has been between the rich and poor has widened more. Leaving a small section of the population with accumulating wealth while a large section struggles with poverty.
Furthermore, this economic imbalance leads to challenges in areas like education, healthcare, and infrastructure, specifically in the rural India.
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