How do you perceive the idea that China operates as a communist state in theory but practices capitalism in reality?
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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Capitalism has reshaped the traditional societal values in India to a great extent. It has led to profound changes in social, cultural, political as well economic aspects of Indian society in various ways as mentioned below - 1. Materialism and Consumerism Consumption has significantly increased sinRead more
Capitalism has reshaped the traditional societal values in India to a great extent. It has led to profound changes in social, cultural, political as well economic aspects of Indian society in various ways as mentioned below –
See less1. Materialism and Consumerism
Consumption has significantly increased since the rise of capitalism. The demand for luxury products and the yearning for a higher level of living has doubled.
2. Relationships and the Structure of Families
There is increase in nuclear families as a result of urbanization and economic liberalization. Increased career and educational mobility have undermined the conventional family unit.
3. Employment and Gender Roles
Women now have more options for employment and education due to the increasing economy’s need for a varied workforce and has led to break in traditional gender roles, more gender equality and independence.
4. Increase in Career aspirations
With the rise in popularity of new businesses like IT, banking, and the creative industries, there is a wider range of job options currently. There is emphasis on start-ups and entrepreneurship.
5. Class Structure and Social Mobility
The social mobility has greatly increased due to increase in economic opportunity. Social status is increasingly determined by meritocracy and financial achievement.