Capitalism Vs. Socialism In The Industry Of Healthcare

Decent Essays

There is a vast difference between the economic systems of capitalism and socialism. While both are ways to govern a country’s market, they vary tremendously when looked at in depth. Capitalism is more effective and it encourages business growth and economic risk.
First, Capitalism is a much more effective form of governing due to the free markets created in areas of industry. Free markets create competition and jobs, which, in turn creates more wealth and drives prices and quality up. For example, Capitalism is very effective in the industry of healthcare. Healthcare under a Capitalist system is privatized, and care is treated as a product that is provided by different companies. Because companies must be competitive in order to survive, prices

Get Access