Why is capitalism experiencing a crisis

Why is capitalism experiencing a crisis

Define capitalism. Why is capitalism experiencing a crisis of epic proportions
in the Western financial world?

Capitalism is a form of economic system that encourages private ownership of means of production or where the economy is privately controlled. Owners of capital are driven by private motive.  Due to the excessive profit motive, sometimes capitalism has been accused of being exploitative (Mielants 4). Course work. Capitalism has largely been blamed for the 2007/2009 financial crisis. The western world accuses the unregulated market as the cause for the financial crisis. They argue that it is the insatiable greed by capitalist that brought their economy to near collapse. Course work.

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The wealthy finance politicians so that they can use them to push for their policies and shoot down those that do not favor them. The contribution by C. Wright Mills is important since it allows sociologist to go deep into analysis to understand how society is ruled. In most society there s a clique of people, the one Mills referred to as power elites, who normally calls the shots. Sociologist can understand how a common interest can unite a class. In United States, for example, this class usually unites to make major political, economical and social decision. This shows how the society is stratified.

Works cited

Constas, Hellen. Max Weber’s two conception of bureaucracy. American Journal of Sociology.  Vol.63, (4). Jan, 1958.

Domhoff, William. Who rules America? Power and politics in the year 2000. New York: Mayfield Pub. Co. 1998. Print.

Mielants, Eric. The origins of capitalism and the “rise of the West”. New York: Temple University Press. 2007. Print.

Mills, Wright. The Power Elite. Web. [accessed from]<http://www.marxists.org/subject/humanism/mills-c-wright/power-elite.htm> January 21, 2012

Veblen, Thorstein. Conspicuous consumption. New York: Penguin Books. 2005. Print.

Weber, Max & Parsons Talcott. The protestant ethic and the spirit of capitalism. Boston: Talcott Parsons. 2003. Print.