Convergence Theory

Convergence Theory

Convergence theory can be defined as the actions that happen among a group of individuals who normally share the same ideas and whose actions are similar to the actions of their counterparts in the particular group and situation that they exist in. Convergence theory has a huge impact on societies since it helps determines the association of individuals who have similar behaviors and tendencies. Convergence theory therefore enables individuals within a particular group or society to have same things with the society or group that they associate with. Convergence theory also argues that the behavior of a particular group is not as a result of the characteristics of the group but rather it is as a result of individuals who are like minded hence come together to accomplish a common objective and goal within the society (Kitschelt, 1999).

Convergence Theory and the Society

According to my personal opinion, the society in which I live in can be described in terms of convergence theory. This is because the society in which I live in is characterized with people from different cultural backgrounds having different beliefs and values. People in this society therefore learn from each other and embraces a common behavior in the community. This enables the society to have similar beliefs and characteristics. For example, the society speaks the same language, have same values and share similar beliefs and traditions.  There are also various aspects that are common to all individuals in the society since all individuals within the society converge to similar economic, political and social systems.
 

Social Benefits and Drawbacks of Capitalism

Capitalism refers to a situation where the means of production in an economic system are owned privately by individuals or corporate organizations. Under capitalism income is mainly distributed through the operation of market system. The main aim of capitalism economic system is to maximize profit.  The major characteristics of capitalism include accumulation of capital, competitiveness in market and wage labor (Kitschelt, 1999). Capitalism as an economic system is associated with various social benefits and drawbacks.

The major social benefit of capitalistic economic system is that it discourages the level of corruption in a country. This is because there is no interference of the government towards the operations of the economy. Capitalism also provides incentives to business owners. This is because the capitalist economy is profit oriented hence businesses will be interested in maximizing profits from the various business ventures. Another social benefit of capitalism is that it allows for efficient allocation of resources (Kitschelt, 1999). This ensures commodities are distributed as per the consumer taste and preferences.  Other benefits of capitalism include efficient production, financial incentives and lack of government interference.

Despite of the social benefits, capitalism also has various drawbacks that make it to be inefficient in the economy. One of the drawbacks of capitalism is that it can encourage wealth inequality between individuals in a society. This is because the resources of a country under capitalism are owned and inherited by few rich individuals who are privileged. This makes capitalist society to fail in creating equality of outcome and opportunity. Inequality in the society can lead to social division and this can create resentment in the society. Another social drawback of capitalism is that it fails to consider the negative externalities such as the environmental pollution (Kitschelt, 1999). This can impact negatively to the living standard of individuals in the society.  Capitalism can also hinder the provision of products with positive externalities such as education, public transport and health services. This again can affect the living standard of individuals in the society.

Reference

Kitschelt, H., Lange, P., Marks, G., & Stephens, J. D. (1999). Convergence and divergence in

advanced capitalist democracies, Continuity and change in contemporary capitalism, 427-460

 

 

 

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