Socialism And Socialism Similarities

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During the 19th and 20th centuries, many countries revolted against their previous leadership, and gained independence from their former rulers. A very popular form of government has been socialism. In this paper, I will examine the differences between socialism and capitalism. Socialism, by Merriam-Webster dictionary, is defined as “Any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods.” Also, capitalism is defined as “an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that…show more content…
But, is this the case? Socialism has been experimented with myriad times, and it has failed miserably every time. A very recent example is Venezuela, a country rich with oil profits, who elected Hugo Chavez as their president in 1998 to institute socialism. Chavez came through on his promise of what he called “21st century socialism”. For quite a few years, Venezuela thrived, there were less poor than ever, more citizens with access to health care, and more profits from oil than ever before. Consequently, as the government began running out of rich people to tax, the economy launched into a decline, that then turned into the Venezuela we see today, with headlines like this “Venezuelans lose weight as food shortages worsen.” Meanwhile, in capitalist US, we have problems with eating too much food, and see headlines saying “Percentage of Overweight, Obese Americans Swells - WebMD.” We also spend on average thousands of dollars in entertainment every year. According to the United States Bureau of Labor Statistics, the average American in 2016 spent over three thousand dollars on entertainment. The normal pleasures we enjoy in the USA would be considered luxuries in most socialist
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