mercantilism vs capitalism

by: Mario Brandon Alex

`Mercantilism is the economic theory that trade generates wealth. It is stimulated by the accumulation of profitable balances. [which a government should encourage by means of protectionism]


An economic and political system in which a country's trade and industry are controlled by private owners for profit.


The Columbian Exchange or known as the Grand Exchange was the widespread transfer of animals, plants, culture, human populations, technology and ideas between the American and Afro-Eurasian hemispheres.


Pros for mercantilism:


  • It encourages the complete development of all natural resources.
  • It encourages trade deficits for foreign nations.
  • It naturally reduces unemployment rates.


Cons for mercantilism:


  • There is always a risk of local raw materials and resources running out.
  • It creates high levels of resentment.
  • The system is quite disorganized.




Pros for capitalism:


  • Protects individual rights by making force and fraud illegal
  • creates wealth and prosperity



Cons for capitalism:


  • creates innovation
  • Requires continual growth of company profits regardless of its moral costs




FACTS:


According to a National Labor Committee 2006 report, an estimated 200 children 11 years old or even younger, are sewing clothing for Hanes, Walmart, J.C. Penney, and Puma at the Harvest Rich factory in Bangladesh.


They are the 2.3 million American prisoners locked behind bars where we cannot see or hear them. And they are modern-day slaves of the 21st century.


SO WHAT?





Now what?


These people are helping the world become a better place every day.


“HOW CAN TECHNOLOGY SAVE HUMANITY?”


Technology can save humanity by creating new and better inventions that are technology based. [for example a 3D printer created by technology.









SOURCES:

http://www.law.harvard.edu/programs/lwp/NLC_childlabor.html


http://www.alternet.org/story/151732/21st-century_slaves%3A_how_corporations_exploit_prison_labor