The Battle of European Socialism vs. American Capitalism

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“The Battle of European Socialism vs. American Capitalism” Let the battle begin, on the left we have European Socialism and on the right we have American Capitalism! Round One: What is Capitalism? Capitalism is regarded as an economic system and a political strategy distinguished by certain characteristics whose development is conditioned by numerous variables. So how is Capitalism viewed in the United States of America? American Capitalism can be viewed in multiple fashions: they currently possess a very dominant economic system in the world, private ownership has been noticed as the main means of production, there is also the hierarchy of private owners and free wage-earners, which is…show more content…
Even now we see this today in our modern world. We thought this kind of mindset was abolished, but it’s not! Corporations today sell out their own fellow American’s jobs to third world countries because the labor is ‘cheap’. One difficulty for Americans in understanding the rise of Capitalism in the United States is the very fact that Capitalism is a system. Adam Smith once explained that "a system is an imaginary machine invented to connect together in the fancy those different movements and effects which are already in reality performed" (p.352 Smith). Thus, economic systems are not fixed representations like constellations of stars, each essential part of which is visible to the viewer. Instead, they are combinations of real actions and mental interconnections. Since the whole machine "works," one would consider its existence to be beyond dispute. The opposite is true. Now that you have been briefed on some ‘American Capitalist’ history, let’s throw around some viewpoints and history about Socialism. Round Two: What is Socialism? Socialism advocates the ownership and control of the means of production and industry by the community as a whole: the community is believed to be both more just and more efficient through central planning. In Marxist theory Socialism represents the stage following Capitalism in a state transforming to communism; for many, however, it is a goal in itself. Socialist

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