Socialism versus Capitalism

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Indian River State College *

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2010

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Political Science

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Dec 6, 2023

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docx

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Chapter 13 Socialism versus Capitalism Please be sure to answer all of these questions in complete sentences. List and explain each of the ideal features of capitalism and socialism. Explain what mixed economies are as well as what democratic socialism is. Provide an example of a country that practices democratic socialism. Capitalism is “characterized by private ownership of the means of production.” The four ideal features consist of private ownership of the means of production, pursuit of personal profit, competition, and lack of government intervention. The first feature has to do with the idea that individuals have the right to purchase other individual’s labor, but also own property that produces income like land. The second feature has to do with the idea that individuals are completely free to increase their gain through personal profit, in which benefits the society ad well. The third feature has to do with the idea that the competition around balances out excessive profits. The fourth feature has to do with the idea that this form of society thrives best without government involvement within their marketplace. Socialism is “characterized by public ownership of the means of production, the pursuit of collective goals, and centralized decision making.” The three ideal features consist of public ownership of the means of production, pursuit of collective goals, and centralized decision making. The first feature has to do with the idea that the means of production are primarily controlled by the state or a collective group of individuals, rather than by private parties. The second feature has to do with the idea that the success if collective goals is primarily focuses on, rather than the importance of personal profit. The third feature has to do with the idea that decisions are based on the demand and collective ideas within the society. Mixed economies are the intertwined outcomes of both the market economy and the command economy. Democratic socialism is a system that brings all economies together. With that being said, free elections are offered, private ownership of income-producing factors, and governmental distribution of essentials. France, Sweden, and the United Kingdom have undergone government control by socialist or mixed economies. List two policies or programs in the United States that are examples of socialism. List two policies or programs in the United States that are examples of capitalism. Be sure to state whether or not you support any of these policies or programs. Free college education is considered socialist in the United States. I absolutely agree with this because it is a very useful resource, especially because college is so expensive, and most jobs look for a college degree. This is an amazing program to help get individuals back on their feet and the education they deserve. Universal healthcare coverage is also considered socialist in the United States. I also agree with this because, just like college, healthcare is expensive. Everyone deserves quality healthcare without having to pay such dreading costs or give up an arm and a leg!

Minimum wage is considered capitalist in the United States. I agree with minimum wage to an extent! It is definitely nice to have implemented so that employees receive pay that is somewhat reasonable. However, I disagree with the amount minimum wage is. Most employers stick to minimum wage, but as time goes on everything gets more and more expensive. It is extremely hard for individuals trying to get by in their daily lives and afford to eat living off how low minimum wage is. Social security is also considered capitalist in the United States. I agree with this system because it works as a source of income. When an elderly individuals ages, they start to become incapable of working to provide income to keep up with their daily lives. Social security is collected when they can work to save up for when they cannot. It is indeed a great system in place to help cover basic needs and other emergency expenses. Is the economic system of the United States an example of ideal capitalism, ideal socialism or a mixed economy? Be sure to explain your reasoning. I would say that the United States has a capitalistic economic system. I would say this because it feels we are primarily a market economy. The government does not have much involvement with businesses, it is more left to members of the community to operate these businesses. However, the government does are involved in policies like social security and minimum wage to keep some structure. Which one of these economic systems (capitalism or socialism) do you support and why? If you support a combination of both (mixed economies) be sure to explain why. I support the mixed economies because there seems to be the perfect balance of individual freedom and teamwork. It is nice having the ability to personally own and take charge of income-producing land or products and not have to rely on others. It is also convenient to undergo the pursuit of collective goals and collective decision making. There is input from others around you, as everyone is there to support one another. Do you think this country is becoming too capitalistic or too socialistic? Be sure to fully explain your position. If you had the power to do so, list one policy or program that you would either eliminate or implement in this country. Be sure to fully explain your reasoning. I think the United States is becoming too capitalistic. Critiques of capitalism in the state it is in today have gained strength at a moment when many people feel left behind by trends such as globalization, the impact of technology, the increase of inequality, and many other issues. I feel we should shift into an equally mixed economy. There should be a fair share of socialistic and capitalistic ways. Having a mixed

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