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Many have tried to define one single form of capitalism; however there are a number of different variations depending on things such as, geography, politics and culture. There are a number of different strengths and weaknesses associated with the ‘generic’ form of capitalism and this essay will discuss all of the major points of each. The economic, social and industrial relations system in Australia will also be discussed, in reference to whether or not the current capitalist arrangements are just and ethical.
2. What is Capitalism
Capitalism, according to the Collins English Dictionary (1999), ‘is an economic system based on the private ownership of industry’...
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