Capitalism In Economy by Iffa Hafizza https://padlet.com/iffahafizza72/Group4 LMCE1022 Conferencing 2 (Sem 1, 2018-2019) en-us 2018-12-03 19:43:54 UTC 2025-11-14 02:23:05 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Balance.png What is Capitalism? iffahafizza72 https://padlet.com/iffahafizza72/Group4/wish/310627369 Capitalism is organized around the concept of capital (the ownership and control of the means of production by those who employ workers to produce goods and services). In practical terms, this creates an economy built on the competition between private businesses that seek to make a profit and grow. ]]> 2018-12-03 20:01:21 UTC https://padlet.com/iffahafizza72/Group4/wish/310627369 Why people do oppose it? iffahafizza72 https://padlet.com/iffahafizza72/Group4/wish/310627435 Anti-capitalists view capitalism as
  • an inhuman
  • anti-democratic
  • unsustainable
  • deeply exploitative system that must be dismantled.

They see it as inherently at odds with democracy because of how capitalist bosses hold power over workers in the workplace and the fact that, the more capital one accrues, the more power they have.
]]> 2018-12-03 20:01:31 UTC https://padlet.com/iffahafizza72/Group4/wish/310627435 Why people do support it? iffahafizza72 https://padlet.com/iffahafizza72/Group4/wish/310627544 Capitalism’s supporters believe in several keypoints: 
  • Economic freedom leads to political freedom 
  • Having a state-owned means of production can lead to federal overreach and authoritarianism.
 
They view it as the only sensible way to organize a society, insisting that alternatives like socialism, communism, or anarchism are doomed to fail. 
]]> 2018-12-03 20:01:45 UTC https://padlet.com/iffahafizza72/Group4/wish/310627544 How does it affect people? iffahafizza72 https://padlet.com/iffahafizza72/Group4/wish/310627730 (BOSSES VS EMPLOYEES)

For someone who owns a company and employs other workers, capitalism may make sense: The more profits your company brings in, the more resources you have to share with your workers, which theoretically improves everyone’s standard of living. It’s all based on the principle of supply and demand, and in capitalism, consumption is king.

The problem is that many capitalist bosses aren’t great at sharing the wealth, which is why one of the major critiques of capitalism is that it is a huge driver of inequality, both social and economic.

]]> 2018-12-03 20:02:06 UTC https://padlet.com/iffahafizza72/Group4/wish/310627730 World wide Harivalagan https://padlet.com/iffahafizza72/Group4/wish/311239578 capitalism seems to be happening all around the world. There are many examples of capitalism issue by well-known names. These well-known brands are doing their best to dominate in the sector they are competing for. Thus, they are making the inhuman decision that generally would not be supported]]> 2018-12-05 06:52:07 UTC https://padlet.com/iffahafizza72/Group4/wish/311239578 A bad APPLE spoils the bunch Harivalagan https://padlet.com/iffahafizza72/Group4/wish/311243124 Of course, capitalism isn't all bad and also boost GDP per capita of a country. But certain companies might bring it too 'far' by doing some really cruel decisions that make the whole capitalist system look bad and mean. This is the part where I bring up the first trillion-dollar-gonna-be-company, Apple.
Apple is well known for the premium products and also they mischievous acts. 
  • They made their older product slower through software updates.
  • They have 106 cases of employing underage workers in their China Companies.
  • They charge a lot of money for fixing just so the customer buy new product rather than fixing their old ones.
  • They charge customer too much and bringing smartphone price to another level.
]]> 2018-12-05 07:15:58 UTC https://padlet.com/iffahafizza72/Group4/wish/311243124 It's everywhere Harivalagan https://padlet.com/iffahafizza72/Group4/wish/311247249 Malaysia,1995, Telekom Malaysia Berhad was awarded a licence to become an Internet Service Provider (ISP) in the country.

This is a story about how a government company that went private after sometimes able to become a very unfair ISP.

It all was because of the aim of profit without worrying about competition. this is because they are dominating the cable routes of both copper wire and fibre cable around the nation making other private ISP to not able to take part in the whole ISP game in Malaysia.

this lack of healthy competition has led us to not able to get choices and forced to use only Tm product for home broadband service

but the worse part is yet to come. This led to 
  • outdated internet speed.
  • poor service quality
  • workers salary to be frequently cut.

]]> 2018-12-05 07:40:50 UTC https://padlet.com/iffahafizza72/Group4/wish/311247249 The freedom this system provides may be abused by the most powerful individuals and companies. a168613 https://padlet.com/iffahafizza72/Group4/wish/312575026 During their struggle to keep their businesses alive, the petty capitalists, besides putting in long hours themselves, are forced to be among the most ruthless exploiters of wage labor-often exploiting members of their own family. Those that do survive for any length of time do so only by extracting surplus value and accumulating capital through such exploitation.
As a results, they can
  •  build monopolies
  •  control wages
  •  prohibit unions 
]]> 2018-12-09 01:55:23 UTC https://padlet.com/iffahafizza72/Group4/wish/312575026 Negatively affect small businesses because it allows large companies to grow and win the market. a168613 https://padlet.com/iffahafizza72/Group4/wish/312576872 Firms that have been able to gain monopolies early within market development, pushes out smaller firms from entering due to the high level of competition where they may not be able to produce.
As a results,
  • Small business firms exist in a viciously competitive climate. 
  • Eighty percent of all new businesses fail within 10 years!
  •  Thus, for most small business owners, even if they did get their start by "scrimping and saving," it is capitalism, not socialism, that will take their businesses away.

]]> 2018-12-09 02:35:22 UTC https://padlet.com/iffahafizza72/Group4/wish/312576872 Scholars argue that capitalism leads to the unequal distribution of resources and increasing wealth inequality. a168613 https://padlet.com/iffahafizza72/Group4/wish/312578897 Worsening income inequality can't be remedied by higher economic growth alone and is casting doubt on the very future of capitalism, according to the report, which surveyed 750 business, government and academic leaders on the largest risks to the planet.
  • The reasons for inequality also include wage exploitations by big companies—keeping the wage of employees at the lower rungs of the hierarchy as low as possible is an inherent part of running a business and making a profit to maximise salaries and dividends for the executives and shareholders.
  •  For example, garment workers in Bangladesh are among the most exploited, as western buyers keep the prices of garments down. 
  • Industry experts are claiming that buyers do come back to place orders repeatedly, but every year they lower the price further. 
  • Oxfam also confirms in a report titled “Reward Work, Not Wealth” that it takes a CEO of the world's top five fashion brands just four days to earn the same amount a Bangladeshi garment worker will earn over their lifetime.
]]> 2018-12-09 03:07:34 UTC https://padlet.com/iffahafizza72/Group4/wish/312578897 The rich get richer, the poor get poorer. a168613 https://padlet.com/iffahafizza72/Group4/wish/312587425
  • There is no denying the fact that rich people have an advantage in life. 
  • Income inequality is largely due to a lack of economic opportunity, especially for the people on the bottom rung of the socioeconomic ladder. 
  • Therefore, our leaders should start serving all people instead of excessively rewarding those at the top. 
  • If a government is sincere, honest and efficient, it can reduce income inequality through the tax and benefit system (i.e. by taxing the upper-income groups at higher rates) and spending the revenue in those sectors and areas such as free/subsidised healthcare and education/skill development scheme for lower-income groups, so that they can get access to jobs that are more productive and rewarding.
  •  Since agriculture is the lifeline of over 47 percent of the labour force, the government can help small and poor farmers by providing quality seeds, fertilisers and water at a discounted rate, introducing crop insurance scheme, improving infrastructure facilities (roads, highways, port, etc.) so that their cost of doing business decreases and income increases. 
  • Of course, the government has taken some initiatives in this regard, but those are not enough to improve the livelihood of the rural poor.
    • ]]>     2018-12-09 05:29:41 UTC https://padlet.com/iffahafizza72/Group4/wish/312587425     The Pros of Capitalism and Who Does It Benefit akhmashabani1 https://padlet.com/iffahafizza72/Group4/wish/312860518 Capitalism depends on the individual's initiative and it favors market mechanisms over government interventions. Thus, it is easier to control and manipulate capitalism in economy. Like every other issues and ideas, capitalism have its own pros and cons. There are three main pros that i am about to explain in which will benefit three main category of citizens which would be; 
    1) Worker
    2) Seller
    3) Customers

    ]]>     2018-12-10 11:28:16 UTC https://padlet.com/iffahafizza72/Group4/wish/312860518     1. Provide more incentives akhmashabani1 https://padlet.com/iffahafizza72/Group4/wish/312860856 This pros explains why and how exactly capitalism affects and benefits worker. Capitalism works in a way that individual initiatives matter. If you work hard, you can play harder.]]> 2018-12-10 11:29:33 UTC https://padlet.com/iffahafizza72/Group4/wish/312860856 2. Best products for the best price akhmashabani1 https://padlet.com/iffahafizza72/Group4/wish/312861016 Maximum profits are gained from the minimum production costs, this affects and benefits the seller as getting money and profits are their priority while at the same time making the product work efficiently.]]> 2018-12-10 11:30:12 UTC https://padlet.com/iffahafizza72/Group4/wish/312861016 3. Intrinsic rewards for innovation akhmashabani1 https://padlet.com/iffahafizza72/Group4/wish/312861570 Nothing happens unless something is moved. In this case, innovation makes a pretty good case in making sure that evolving technology are manipulated in keeping up with the demands of the customers.]]> 2018-12-10 11:32:16 UTC https://padlet.com/iffahafizza72/Group4/wish/312861570 Our value is our data. Harivalagan https://padlet.com/iffahafizza72/Group4/wish/314892512 let's get one fact straight. What is article 9 GDPR. article 9 GDPR aims to ensure that the most sensitive kinds of data are protected at all times. The processing of data that reveals a consumer’s race, ethnicity, sexual orientation, health status, religious or political affiliation, as well as similarly potentially discriminatory data.

    Now we understand the law enforces about our privacy, we can start relating what the title is telling. Our value is only our data to a company as with our data.

    Facebook has been collecting call records and SMS data from Android devices for years. Several Twitter users have reported finding months or years of call history data in their downloadable Facebook data file. remember all those access permission we allowed. it gave the facebook app to access the phone's personal SMS and phone calls data with each individual. They were hearing our personal conversation without we even noticing them.

    I wish I can say, that's all about facebook but there is even worse case happening. STOLEN Facebook login details are being fleeced on the dark web for just $3.90, sparking fresh privacy fears after the website was hit by a huge cyber attack. Basically, 50 million Facebook users account was stolen and this lead to our personal data to be everywhere around the net without we even realizing it. Even this isn't Facebook doing, but the loophole in Facebook's security which is obviously neglected is the cause. 

    However, certain companies buy stolen data to ensure they able to know the user's weakness or interest to sell them products based on their data. They are using this data for their own advantage.

    ]]>     2018-12-15 14:21:00 UTC https://padlet.com/iffahafizza72/Group4/wish/314892512     introduction of Capitalism iffahafizza72 https://padlet.com/iffahafizza72/Group4/wish/314936030 Kelly, K. 2018. What capitalism is and how it affects people.
    https://www.teenvogue.com/story/what-capitalism-is [11 April 2018].

    Crossman, A. 2018. What is capitalism.
    https://www.thoughtco.com/capitalism-definition-p2-3026124 [18 August 2018]]]>     2018-12-16 04:00:40 UTC https://padlet.com/iffahafizza72/Group4/wish/314936030     impact in real life Harivalagan https://padlet.com/iffahafizza72/Group4/wish/314983491 Warren, T. 2018.  

    Facebook has been collecting call history and SMS data from android devices.

    https://www.theverge.com/2018/3/25/17160944/facebook-call-history-sms-data-collection-android [6 December 2018].

    Keach, S. 2018.
    Your stolen Facebook account can be brought for just $3.90 on the dark web.
    https://www.news.com.au/technology/online/social/your-stolen-facebook-account-can-be-bought-for-just-390-on-the-dark-web/news-story/0ec028c40c5c348edcdd99a5480971af [5 December 2018].

    Juliette, G. 2013.

    Child labor uncovered in Apples's supply chain.

    https://www.theguardian.com/technology/2013/jan/25/apple-child-labour-supply [5  December 2018].

    Bruce. R.S. 2014.
    The Political Economy of Capitalism.
    https://drive.google.com/file/d/1NNXACiY0wls_c5S52wHb_Z5MHf96jrfL/view?usp=sharing
    [15 October 2018].
    ]]>     2018-12-16 16:37:59 UTC https://padlet.com/iffahafizza72/Group4/wish/314983491     Pros of Capitalism akhmashabani1 https://padlet.com/iffahafizza72/Group4/wish/314983559  
    Amadeo, K. 2018. Capitalism, its characteristics, with pros and cons. https://www.thebalance.com/capitalism-characteristics-examples-pros-cons-3305588 [12 October 2018].

    Thangavelu, P. 2015. Pros and cons of capitalist vs socialist economies. https://www.investopedia.com/articles/personal-finance/082415/pros-and-cons-capitalist-vs-socialist-economies.asp [6 December 2018].

     
    ]]>     2018-12-16 16:38:32 UTC https://padlet.com/iffahafizza72/Group4/wish/314983559     Cons of the capitalism a168613 https://padlet.com/iffahafizza72/Group4/wish/315026398 The People,1991
    What will happen to small family businesses under socialism?
    http://www.deleonism.org/text/91051801.htm
    [MAY 18]

    Matthew, P. 2017
    Advantages and Disadvantages of Capitalism
    https://customwritingbee.com/blog/advantages-disadvantages-capitalism
    [MAY 15]

    Lauren, D.  2017
    Rising Income Inequality Is Throwing The Future Of Capitalism Into Question, Says World Economic Forum
    https://www.forbes.com/sites/laurengensler/2017/01/11/world-economic-forum-income-inequality-capitalism/#691ba86c5dd3
    [JAN 11]

    Abu, A. H. 2018
    The rich get richer, the poor get poorer
    https://www.thedailystar.net/opinion/perspective/the-rich-get-richer-the-poor-get-poorer-1556140
    [APRIL 01]
    ]]>     2018-12-16 23:40:23 UTC https://padlet.com/iffahafizza72/Group4/wish/315026398