Critical Review of Online Discussion
Through the online discussion we discussed whether "capitalism benefits everybody". Purpose of this discussion was to analyse the importance of sociological imagination and ethical reasoning for better understanding of business, society and government relationship under capitalism, it was valuable to know each other's opinions, knowledge and understanding on the topic. Sociological imagination can be defined as the social analysis of behaviour and traits of business, society and government that assist us in representing images from our previous experience and knowledge, because of each other's uniqueness it was interesting to discuss about this topic and to get a broader response.
After participating in the online discussion I can define capitalism as an economic and political system in which a county's trade and industry are controlled by private owners for profit rather than by the government. There are both advantages and disadvantages to capitalism in Australia but it truly benefits everyone including the Business sector, Government and Society. Since the economic and political systems are controlled by the private sector to gain profit, it'll encourage the owners and the employees to be efficient and produce quality goods and services. This will increase GDP (Gross Domestic Product) in Australia, and therefore it will also increase the country’s economy which will benefit both the government and the society. As most of us have discussed capitalism definitely benefits the society, because it opens up competition and this will lead private companies to produce quality goods and services for a cheaper price, also people will have a say on what to purchase and from whom they want to purchase it from.
Capitalism is a system of governance for economic affairs that has emerged in different settings and continues to evolve