Capitalism, Socialism, And Participatory Economics

Decent Essays
Contrary to popular belief, there is no best way to rule property ownership in society. While all political ideologies have individual proposals as to how ownership should run, there are inevitable flaws in all of them; the reason for these flaws are because of the dynamic nature of society. This essay will discuss and critique three alternative forms of property ownership: capitalism, socialism, and participatory economics. Capitalism is a social system based on the principle of individual rights. Politically, it is the system of laissez-faire, meaning freedom. Economically, this freedom portends a system in which trade, industry, and the means of production are private owned and operated to maximize profit. It also entails the ability to pass on to future generations. Capitalism may be associated with a negative denotation due to contravening responses in modern society depicted by media. However, there is high efficiency and strong economic growth in this structure. Firms in a capitalist based society face incentives to be efficient in production, to cut cost, and to avoid waste. “In a free market state, money is the motivator”, says Kiyoshi Nagatani in “Capitalist Exploitation and the Law of Value”. Money is an incentive which urges people to be innovative and hardworking. This expands the economy in means of increasing the gross domestic product and improving living standards. In theory, everyone can benefit from increased wealth within a community.
Despite its
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