Compasive Essay : Capitalism Is The Two Social And Economic Systems

Capitalism is the best economic system for any country because it allows individuals to make their own business decisions, and be self-motivated, it confines the authority owned by the government. Capitalist countries are more technologically advanced and better educated as compared to socialist countries. Capitalism is different from socialism in many respects.

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.

Today we can see many links between capitalism and socialism. Our government today is run on progressivism/ socialist ideals. President Barack Obama has several plans and ideas to help the poor by giving them the money of the rich people, and supplying them with health care (obamacare) and so on. Progressives wanted to help people, they wanted to help the poor, this was not morally wrong but many other people saw that this was hurting our economy. Our government is socialist/ progressive because they want to have government control over other money and they want to have the ability to decide where that money goes. But you can’t just do that. If those people earned their wealth they should have every right

Socialism and capitalism are two very different economic/industrious systems but, in some ways, they share a few similarities and that is what this essay will be discussing. The comparison between the two systems and their advantages and disadvantages for those who live in such societies. Socialism and capitalism are marginally contradicting scenarios offering advantages and disadvantages in the world of production and financial assistance.

Although socialism may have better benefits, capitalism has it perks as well. Such as producers and consumers being able to own their own business. The upside of this is that no one other than the government can take the business away from the owner. This results in more rights for the owner. An example of improved rights of the owner could include the owner making their own regulations, deciding wages for employees, choosing how to insure their business, etc. Now the big picture that this focuses greater upon is that it greatly promotes self-interest, rather than government control.

4.Capitalism - economic system where private individuals/corporations control the means of production and use them to make profits. Socialism is a system in which the government controls the economy and there is equal distribution of wealth.

     There are many different outcomes and problems that can occur as a result of the different systems. The benefits for communism are set up on a larger scale that takes time and effort, as for capitalism hard work produces quick gains. Since it is harder for people of communism to see direct results from their hard work, there can be a tendency of people doing less, but still receiving the same as everyone else. Thus, there needs to be some type of point system, which makes sure each person does enough work to show for the goods received. If the work is not done then something needs to be done, such as not giving them their share, jail time, or kicked out of the community, resulting in poorer living standards. Capitalism however, gives each individual a choice of the benefits they will receive from working hard or not. You still have the chance to be poor, but unlike communism you have the chance to become rich. In communism the hardest workers receive the same, but in capitalism the hardest workers reap the most rewards.

Firstly, a brief explanation of some of the terms I will be using. Capitalism is an economic system where businesses and the means of production are owned by private individuals for profit. In a socialist economy, the means of production are owned by the community as a whole and individuals get rewarded for their work based on the following principle: from each according to his ability, to each according to his contribution. In communism, items are divided up based on, from each according to his ability, to each according to his need. Finally, I will use the terms proletariat and bourgeoisie.

Capitalism was a revolutionary idea born from the ideas and works of Adam Smith in the 18th century. It was an advancement to the ideologies of mercantilism* and feudalism*, however, despite being such an advancement, it still has many flaws. Of the main flaws of capitalism, there are three main ones that stand out. These are the allowance and promotion of worker exploitation, wealth inequality and strict social hierarchy, and degradation of natural resources. Thus, it is only necessary that we adapt and progress human society by adopting socialism, for as capitalism was an advancement from feudalism and mercantilism, socialism is the advancement from capitalism.

Socialism unfairly concentrates power and wealth among a small segment of society that controls capital and derives its wealth through exploitation.

Capitalism stresses private economic decisions. People are free to decide how they will earn and spend their income. Companies may choose which goods and services to produce and how much to charge for them. They also compete with one another to sell products. Nations whose economies are based on capitalism include the United

I believe capitalism is bad for the poor, but is very beneficial for the wealthy. Basically what I interpreted from the information is that it all depends on the individual to make their own money and decisions. Nothing will be handed to you and no one has to help you if they don’t want to(aka the government/economy. Socialism and communism both believe that everyone should basically be treated equally. They both mentioned that major companies should benefit the economy is some type of way. Capitalist also believe that the focus is on individualism as opposed to nationalism. Basically Capitalist help themselves and Socialists and Communists believe in helping

Capitalism is the more morally adequate system because it values the individual liberties of each man above the power of a centralized government. In theory, Capitalism is the ideal economic situation because it enables, as Smith argued, the competitive free market to keep one another in check and gradually increase the standard of living. It is under capitalism, that true social justice is achieved, where individuals are rewarded based upon their labor, while it is socialism which suppresses the potential of individuals. Theoretically, Capitalism gives more power to the individual and enables individuals, not necessarily grants, but enables all individuals the pursuit of happiness. It is far more preferred to live a life of poverty and hold sovereignty, than a life of wealth, but as a

In seeking to highlight the key differences between socialism and capitalism, it would be prudent to first offer a concise definition of the two terms. Capitalism in the words of Brinkerhoff, White, Ortega, and Weitz (2007) "is the economic system in which most wealth (land, capital, and labor) is private property, to be used by its owners to maximize their own gain." As the authors in this case further point out, this particular economic system is largely founded on competition. Socialism on the other hand is defined as "an economic structure in which productive tools are owned and managed by the workers and used for the collective good" (Brinkerhoff et al., 2007). From the definitions, it is clear that unlike capitalism, socialism favors a situation whereby there is deliberate control as well as planning of economic activities on behalf of the entire community. In the case of capitalism, no attempt is made to have economic activities controlled from a central point on behalf of the community. Here, enterprises are allowed to compete in the supply of goods and services as they seek to rake in monetary returns. The key

This essay will compare the economic principles of capitalism and communism by giving brief historical background on both and describing the two. I will begin with the father of economy, Adam Smith, and finish with the theories of Karl Marx.