Capitalism In The Fashion Industry

Capitalism, defined as production for profit for a competitive market - is an economic system in which the private profit-maximization motif lies at the core of its virtues and maladies. In script it is supposed to provide economic opportunities and a better future for all. On one hand both Capitalism and Globalization have been responsible for tremendously reducing the poverty rates over the past 30 years while increasing the life expectancy, morality rates, education and democracy. Capitalism has been successful in projecting itself as the engine of productivity and growth. However, on the flip side of the coin along with all these improvements it has brought along a huge disparity between classes of people and their income. It is a known …show more content…
There are new and unique initiatives being introduced like the Ocean cleanup project to rid our oceans of Non-degradable wastes and plastic. There was recently a very popular video that surfaced the internet of a Sea turtle found with a piece of straw in its nose and having surfaced to the water for help. The video having gone viral also made us realize the extent of the damage we have done and its consequences are not only limited to affecting humans but others as well. In the fashion industry, the latest revolution has been to rent clothes for events and daily wear rather than buy. This trend is catching up quickly in major cities where the population is young, trendy, fashion savvy and looking for cheap alternatives than owning pieces. We urgently need to show that capitalism can be operated with a new face. Capitalism needs to show that while pursuing economic growth it is also possible to create social and environmental value. Capitalism also needs to demonstrate that there are also people who are willing to create social businesses, non-dividend businesses created to solve social problems. Between these two models, there is a large array of possibilities where social entrepreneurs, individuals, corporations, institutions, NGOs and governments play a role. I am sure that the majority of us will be able to find a way to contribute to society and help others. In my view, this is only possible in a system that operates under capitalism. In the long run, capitalism, as a system, will pay back to society. We need to have trust and be optimistic about the future, look around and be creative in finding solutions for a better world. There are plenty of unsolved problems surrounding us, to pick one and solve it using the social innovation model of your choice, “Together all the grains of sand can create the most beautiful