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Socialism: Should The Economy Work?

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Does one allow competition amongst the people or simply allow everything to be equal for all the people? This question is essentially if a country should base its’ economic views to be more capitalistic where people are encouraged to compete and less government control is involved or to be more socialistic where the government should take over so that opportunities are equal for everyone. Both approaches have their merits, but which stands on top and would ultimately serve to be better in the long run so that the economy would be less likely to crash and cause the Second Great Depression. There is a clear upside to both forms of economy, which is why many people still debate about their personal belief of how the economy should work. Socialism …show more content…

During the industrial revolution, many people that are considered to be one of the richest men were developed due to the new manufactured product such as steel which fostered the production of the railroad. People began to form trust and integrate horizontally by purchasing other companies producing the same products allowing them to become the only provider which then grants them the power to set the quality and the price of the products. People like Andrew Carnegie and John Rockefeller both grew immensely rich due to the Capitalistic society in which they lived in. These huge monopolies caused “forty percent of the American working class to live in actual poverty”(Socialism). This shows that poverty has significantly increased because of the low circulation of money within the economy. This huge amount of poverty will continue to grow if the government does not step in which was what was demanded by “new working class, led by immigrant Europeans with socialist roots”(Socialism). These immigrants help “began to form mutual-aid societies, trade associations, and workers' unions”(Socialism). These organizations helped the workers fight for their rights and made the government stay on a more neutral side rather than favoring the companies and their …show more content…

Capitalism can trace its roots all the way back to when Great Britain would create joint-stock companies and trusts to form an industry so that they can control the whole line of systems in which the industry was affiliated to. Capitalism helped spark the industrial revolution as well. The industrial revolution began when mass production of products emerged along with the new technological innovations. People took advantage of the expanding demand for products and created their own industries which allowed some to become the most wealthy on the planet. By the end of the twentieth century, “capitalism had become the world's dominant economic system”(Capitalism). Growing to become a dominant system shows that it works well and suit many countries’ form of

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