Does the Capitalist system, overall, improve justice in our society? Discuss ways in which it does and ways in which it does not, then explain and defend your general conclusion.

What is a capitalist system? According to Sansbury (2009). Capitalism

Capitalism according to Sansbury (Pg 128, 2009) didn’t emerge until the renaissance in Europe during the fifteenth and sixteenth centuries.

Capitalism can be defined ideally as an economic system in which the major portion of production and distribution is in private hands, operating under what is termed a profit or market system (Barry, V,. Sansbury, G,. and Shaw, W.H. (2009) Moral Issues in Business, 1st ed. Cengage Australia, Melbourne). Most businesses in Australia, New Zealand and the United States are privately owned. The State doesn’t control these private businesses nor does it tell the owners how much to produce or caps their earnings. These Countries are examples of Capitalism at work amongst the many businesses. Capitalism didn’t wholly arrive until the renaissance in Europe till the 15th and 16th centuries. Capitalism that emerged around that time was called ‘Mercantile capitalism’, as Industrialization increased so did the size and power of business. As competition intensified an industry’s survival came to depend on its financial strength to reduce prices and either eliminate competition or absorb them.

To shore up their assets, industries engaged in ‘financial capitalism’, characterized by pools, trusts, holding companies and an interpenetration of banking, insurance and industrial interests. The trend continued towards larger corporations controlling more and more of the country’s economic capacity.

Capitalism increasingly operates on a worldwide scale leading many contemporary commentators to see globalised capitalism as the new stage or level of capitalist development.

Key features of