Individualism seems to be on the rise in many parts of the world, where individuals give high priority to their personal objectives and aspirations over the common good. This essay will discuss why capitalism is the primary cause of this growing phenomenon, and then explain that it is a negative development because it brings about income inequality and social stratification.
Capitalism lays great emphasis on private property rights, freedom and the pursuit of self-interest. It acknowledges individuals as independent actors who can make choices and pursue their goals on their own. This stress on individualism encourages individuals to take part in cutthroat competition so as to climb up the social ladder. A case in point is the United States of America. The capitalist country promotes an individualistic society where people compete with each other to ascend the social ladder. Capitalism thus fosters individualism through fierce competition.
The increasing importance of individualism contributes to inequality and social stratification. That is to say, the urge to acquire personal achievement in an individualist society can aggravate income disparity and social division. When people focus exclusively on their own success, those who are underprivileged may be left behind. This, in turn, leads to the accumulation of wealth and power in the hands of a few elites. Take the USA for an example, which promotes individualistic values. The country experiences enormous income disparity, with a small group of elites possessing a large portion of the wealth.
To conclude, capitalism is the root cause of this growing emphasis on individualistic values as it encourages individuals to compete with one another in order to realise personal ambition and aspiration, and I think this is a negative development because it enhances disparity and social stratification.