From this chapter, it is evident that there is a bell-shaped relation between financial development and growth. Financial development promotes growth, however, at higher levels the growth reaches its ultimate point and begins to fall. According to this chapter, economic growth cannot generate a permanent satisfaction or contentment and if this was the case, the rise in real per capita GDP over the past years would have created the human satisfaction (Greenspan, 2007). It is evident that increasing income rises human contention but only to a specific point and only for a specific period After the basic needs namely health, foods and shelter is achieved, happiness is virtual status that in the long-run is disconnected from the economic growth.
The author also emphasizes the issue of inequality. Capitalism is characterized by huge market competition that conflicts with human desires for stability and inevitability. Additionally, because of capitalism, huge segment of the community has a feeling of segregation and injustice in the distribution of resources and capitalism reward (Greenspan, 2007). One of the major steering factor of competition facilitates anxiety across the society since it is through this that individuals in the society derive quality of life and comfort. With the increased capitalism, the gap between the rich and poor is rapidly increasing creating a tug-of-war in the society (Greenspan, 2007). The increased gap between the rich and the poor has a huge influence on the access to quality of health.
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According to the author, for the past years, economies have experienced significant growth through elimination of inefficient resources and promotion and support of entrepreneurs who create and develop goods and services that meet the needs of the people through maximization and efficient use of labor and capital (Greenspan, 2007). With the emergence and growth of technology, the demanding capitalist process across the world. The government has a role to play in ensuring that its citizens achieve quality of life by eliminating what people perceive as unforgiving competitive pressures.
According to the author, the trade-off between wealth and lack of stress is influenced by the inculcated values and culture among the people in the society (Greenspan, 2007). For this reason, values and cultures may have significant impact on economy’s GDP. For instance, a society with entrepreneurship culture and business success have had huge material success and wellbeing of the people in the society (Greenspan, 2007). For instance, such countries as the United States and France have had swift economic success because of society enlightenment and the citizens believe that free-market is effective. For instance, about 71% and 36% of the U.S and France citizens respectively believe that free-market is effective since high risks are key to economic success (Greenspan, 2007).
The author’s arguments in this chapters regarding healthcare is that the rich are growing richer while the poor are becoming poorer. This has a considerable influence on healthcare in that access of quality of health in the society is quite diverse since the rich get access to quality healthcare as compared to the poor (Greenspan, 2007). With the advancement of technology and spread of capitalism globally, people sell their labor. In a society, people obtain basic needs such as food, shelter, cloth and health and other leisure goods from an economy after people selling their labor to get some remuneration. This group of people makes the biggest percentage in the society while the other groups are capitalists. The capitalist buy labor of employees and pay very little it to maximize profits and minimize costs. Many employees’ families live a terrible life due to inadequate income to buy basic needs. For this reason, children in such families do not get access to healthy foods such as fruits and vegetables, a situation that has a significant impact to their health. Based on author’s argument, it is evident that social and economic prototype of capitalism is characterized by low wages and soaring prices causing unhealthy living.
- Greenspan, A. (2007). The age of turbulence: adventures in a new world. New York, N.Y: Penguin Books.
