Describe some positive effects of capitalism in developing countries

Other countries like India and Philippines have also embraced the American concept of capitalism . After years of wallowing in poverty India realized that it had to attract foreign investors who possess the technical capacity and competence in area commerce , manufacturing , real estate , among others (Lippit , 2005 ,

.84 . In its effort to attract investors , the government of India is currently spending billions of dollars in infrastructures , thereby creating more jobs , and boosting its efforts in fighting graft and corruption and bribery (Cooper Watts 2007 . This policy effort can absorb billions of dollars

in foreign direct investment , which can be India 's best answer to poverty and unemployment . On the other hand , the Philippine government has to combat corruption and red tape in to attract direct foreign investment

Before Communist China partially adopted capitalism , the Chinese economy was in tatters , inflation was beyond control , and the country 's social and political system in disarray , which led to student protests and the massacre of student protesters in what is now known as the Tiananmen Square tragedy (Selden , 1992 ,

.37 . In embracing capitalism , China had to consider policy reforms like the gradual recognition of property rights , which is one of the important rights in a capitalist country . In his controversial book , former Chinese Premier Zhao Ziyang (2009 ,

br 205 ) once advocated for the reintroduction of capitalism , as he saw that this economic system could be the solution to China 's economic ills in the past

Despite the many criticisms of capitalism , there is a need to look at its positive impacts on the modern world . Massive social , political and economic changes were seen in the past decades due to the widening influence of capitalism all over the world . Some formerly closed economies have adopted capitalism because of its many economic and social...