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Capitalism refers to the ownership of large corporations like railroads, factories mines, and even airports by private organizations. The emergence of capitalism can be traced back to the pre-industrial revolution in England when the factories of Manchester and Liverpool underwent rapid industrialization. Continue reading to learn more about speech on capitalism. Check out some samples of speech on Capitalism to know more about it.
Table of Contents
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3-Minute Speech on Capitalism
‘Hello and welcome to everyone present here. Today, I’m delighted to present my speech on capitalism before you all. Capitalism is an ideology, an economic and political system characterized by private ownership. This means the private owners manage the production and the market-driven allocation of goods and services according to their will.’
History of Capitalism
‘Adam Smith, the father of modern economics, once said, ‘It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.’
‘Capitalism is considered a modern-world ideology, as there were hardly any traces of it in the medieval period. It was the British Industrial Revolution of the 19th century when the British Parliament issued a charter to allow private ownership of factories, mines, and railroads in the UK. Seeing the rapid industrialization in Britain, other European countries also joined the race.’
Market Economy
‘Capitalism relies on a market economy where prices for goods and services are determined by supply and demand. Take, for example, the smartphone industry. In a capitalist economy, companies like Apple, Samsung, MI, etc. compete to produce and sell smartphones. These companies invest in research and development, manufacturing, and marketing to create products that they believe will appeal to consumers.’
Profit Motive
‘One of the fundamental principles of capitalism is the pursuit of profit. Everyone, from individuals to large MNCs, is engaged in economic activities to make a profit. For young entrepreneurs and business owners, the profit motive serves as a powerful incentive to take risks, innovate, and invest in different economic activities.’
The desire for profit stimulates innovation and technological advancement. Businesses invest in research and development to create new technologies, products, and processes that can give them a competitive edge, increase market share, and ultimately enhance profitability.’
‘For a long, there has been a debate between capitalism and socialism. Socialism is just the opposite of capitalism. Socialism advocates for collective or state ownership of the means of production. The idea is to eliminate or minimize private ownership in favor of public or community control.’
‘During the Cold War from 1947 to 1991, there was a war of ideologies between the USA and the USSR. The USA was a pro-capitalist economy and the USSR was pro-socialist. Both these countries and their allies were engaged in geopolitical tension.’
‘That was all in the history. Today, it’s crucial for us to acknowledge the criticisms and challenges that capitalism faces. Critics argue that it can lead to income inequality, as those who own more capital may benefit disproportionately from the system. Also, concerns about exploitation, environmental degradation, and the potential for economic crises have been raised.’
Conclusion
‘There is no denying the fact that capitalism has played an important role in shaping the modern world. From individual growth to economic development, every sector of society has gained benefits from capitalism. But certain complexities must be addressed. The conversation around capitalism continues to evolve, and it remains a dynamic force that will shape our global future.’
Also Read: Speech in the Future of Capitalism for School Students
10 Lines on Capitalism
Here are some lives on capitalism. Feel free to add them to your speech topics.
- Capitalism is an economic and political system based on private ownership and market principles.
- In a capitalist economy, businesses and industries are owned and managed by private individuals or companies.
- The profit motive is a fundament key in capitalism, encouraging innovation and efficiency.
- Prices in a capitalist system are determined by the forces of supply and demand.
- Competition is a fundamental aspect of capitalism, promoting quality and choice for consumers.
- Capitalism emphasizes individual freedoms, including the right to own property and start businesses.
- Countries like the USA, UK, UAE, Canada, Australia, etc. are all capitalist countries.
- The market mechanism in capitalism allocates resources based on consumer preferences.
- Economic inequality can be a challenge in capitalist societies due to varying levels of success.
- Capitalism has been associated with rapid economic growth and development.
Also Read: Speech on Pros and Cons of Capitalism
FAQs
Ans: ‘Capitalism is considered a modern-world ideology, as there were hardly any traces of it in the medieval period. It was the British Industrial Revolution of the 19th century when the British Parliament issued a charter to allow private ownership of factories, mines and railroads in the UK. Seeing the rapid industrialization in Britain, other European countries also joined the race.’
Ans: In a capitalist economy, private owners manage the production and the market-driven allocation of goods and services according to their will. On the other hand, socialism advocates for collective or state ownership of the means of production. Capitalism is associated with economic inequality. Socialism aims for a more equitable distribution of wealth.
Ans: India opted for a mixed economy through its Industrial Policy Resolution of 1948.
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