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Title: The critical analysis of the law relating to capitalism in Uganda
Authors: Ambayo, Francis
Keywords: Law
Issue Date: Aug-2018
Publisher: Kampala International University, School of Law
Abstract: The purpose of this study was to critically analyze the law relating to capitalism in Uganda. The study was guided with the following Objectives: To identify the laws relating to capitalism. To examine the effectiveness of the laws relating to capitalism, to evaluate the legal implications of a capitalist economy, to recommend solutions to the challenges to capitalism. The study employed descriptive design. The study used formal and informal interviews, questionnaires for collecting data. The researcher had findings. The conclusions were made as follows: In a capitalist system, the government does not prohibit private property or prevent individuals from working where they please. The government does not prevent firms from determining what wages they will pay and what prices they will charge for their product. However, many countries have minimum wage laws and minimum safety standard. Under some versions of capitalism especially in Uganda, the government carries out a number of economic functions such as issuing money, supervising public utilities and enforcing private contracts, keeping commercialism in check and protects people within Uganda from commercial exploitation by big business. Nearly every proponent of capitalism supports some level of government influence in the economy. The only exceptions are anarcho-capitalist who believes that all of the functions of state can and should be privatized and exposed to market forces. Classical liberals, libertarian and monarchists argue that capitalism is the best system of distributing resources, but that the government must exist in order to protect private property right through the military, police and courts. The recommendations were also made as follows: The researcher discovers that capitalism establishes power in the hands of a minority capitalist class that exists through the exploitation of the majority working class; prioritizes profits over social good, natural resources and the environment; and is an engine of inequality and economic instabilities therefore the researcher recommends that the relevant stakeholders and the government leaders need to provide stringent laws that promote economic transparency by building good relationship between the capitalist and the working class (labour) so that fruitful capitalism would be realized. To stop the exploitation of workers under capitalism, the government should mobilize the various bodies that represent workers to form Workers Advisory Board to advise all workers on the way they should contract and deal with investment managers. It should also have the power to require investment managers to give investors information in a standard form about the fees they are being charged. A free market system allows all parties to compete, which ensures the best and most competitive project emerge and ensures a fair, domestic process. The researcher recommends that there is need to revise our economic thinking to give full value to our natural resources. This revised economics will provide business and public policy with a powerful new tool for economic development, profitability and the promotion of the public good. In order to increase the number of well-trained technicians, the government and the private sector should develop the institutional components of an effective system of technician training and education. They are a well-understood system of qualifications for transferable technical skills which works in the marketplace, a system of funding young people while they acquire the qualifications, and the teachers and facilities to train the young people. The number of University Technical Colleges and Institutions should also be rapidly increased. Capitalism in Uganda has failed to create social wealth. The researcher recommends that a new approach is needed to ensure that growth in profits result in social uplift. Ugandans have long engaged in capitalist economic transactions. But the type of capitalism introduced by colonialists has not always been aligned with the needs of Ugandans. It remains overly informed and driven by agendas set outside the country; these agendas primarily see Uganda as a market for exploitation and are obsessed by the profits that come from such exploitations. Regional bodies should be set-up in parts of Uganda which need them in order to deliver a technological dimension to regional policy. Capitalism doesn’t provide for those who lack competitive skills this
Description: A research paper submitted in the school of law in fulfillment of the requirement for the award of a degree in law (LLB) at Kampala International University
Appears in Collections:Bachelor of Laws

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