F2F Class Notes 11th March (Tony) [W]

Vocabulary

circumvent – to go around, to avoid being stopped by

eg: “Thieves try to circumvent security, by breaking in.”

loophole – a way to circumvent the rules or laws, not technically against the rules

eg: “Network Security admins often find loopholes in the programming to make it safer.”

“Lawyers and accountants find loopholes for a living.”

practice – to do for a living or as a strategy

eg: “He has been practicing law for 20 years.”

impede – to slow down the progress or development of sth.

eg: “Some companies impede the progress of technology so they can make a bigger profit.”

missile – a weapon that will shoot and explode on a target.

eg: “Tony Stark was shot down by his own missile.”

firearms – guns

eg: “Firearms were invented to protect people, but they harm them more than protect them.”

Part 2 – Original

In addition, capitalism means to handle the right to control the market to citizens, but not the governments. Therefore officers couldn’t just control the market as they wish, that profits them the most. The only group to have the power to change it should be citizens. Market should be the state as what citizens like, what they need, which kind of life they would like. Also as I mentioned before the cheaper and better the products are the more tax the governments could earn, as a result the governments would try their best to help companies make better and cheaper products. According to the point upon citizens will have good and cheap quality more quickly. This is another reason for why the capitalism does work. But anyway it’s not a good thing for the governments to be too powerful.

On the other hand there are also some negative or even harmful effects of capitalism. First some people claim that capitalism checks and balances an anti-fragile system. Indeed the system it creates is not easy broken. This system, however, would result in the fact that some really really huge companies would occupy the whole market and leaves few chances for the small companies to survive. When the wealth are owned by only a small amount of people it’s a really horrible situation for the society to develop. Secondly capitalism could also lead to a more terrible situation-planned obsolescence. If all the companies are planning to obsolete after two years the products are made, people are forced to buy new products and develop of technology would undoubtably be blocked. Due to the fact that all the companies are forcing the customers to buy their new products, by planned obsolescence instead of trying to improve the products “technology level.”

All in all, whether capitalism does work or not depends on the actual situation of the country. It should work on the developed countries, but not on the developing countries.

Part 2 – Correction

In addition, capitalism means handing over market control to the citizens. Therefore politicians couldn’t just control the market as they wish, in a way that profits them the most. The only group to have the power to change it should be the citizens. Market prices should be set by the citizens, for what they need and which kind of life they would like. As I mentioned before, the cheaper and better the products are, the more tax the governments could earn. As a result governments try their best to help companies make better and cheaper products. Therefore citizens will have more acceptable more quickly. This is another reason why capitalism does work. By the way this could also prevent the governments from becoming too powerful.

On the other hand there are also some negative or even harmful effects of capitalism. First, some people claim that capitalism checks and balances an anti-fragile system. Indeed the system it creates is not easily broken. This system, however, would result in the fact that some extremely huge companies would occupy the whole market and leave few chances for the small companies to survive. When the wealth is controlled by only a small amount of people it’s a really horrible situation for society to develop. Secondly capitalism could also lead to a more terrible situation, where companies practice planned obsolescence. If all the companies are planning to make their products obsolete two years after they  are made, then people will be forced to buy new products and the development of technology would undoubtably be impeded. Because all the companies are forcing the customers to buy their new products, by using planned obsolescence instead of trying to improve their products “technology level.”

All in all, whether capitalism does work or not depends on the actual situation of the country. It should work on developed countries, but not on developing countries.