Question

In the Industrialization introduction mini lecture, I talk about our political system (Democracy) and I talk about our economic system (Capitalism). As you know, in the United States we live with both of these systems.

First of all, what is the goal of a Democracy? What is the goal of Capitalism?

Second, provide me with an example when these two systems oppose each other. When our Democratic system might want one thing but our Capitalistic system might want something different.

Answer 1

According to Abraham Lincoln democracy is the government for the people, by the people, and to the people. Whereby the representatives elected by people make decision for the day to day decision concerning the public.

Whereas capitalism is an economic system based upon the free forces of market demand and supply. Where bo government intervention takes place and private ownership of factor of production along with hired labor occurs.

Sometimes these two value are often contradicting with one another particularly in the context of international relations. For instance, during cold war era United States used the money power derived from capitalism to set up military dictators in Cuba. In order to curb the spread of socialism.

The United States believe that democracy is an exceptional value. Where the right to life and liberty prevails. However as an economic system is based upon exploitation of the workers and the industrialist.