The Major Systems Of The World Capitalistic And Socialistic

Economy is the wealth and resources of a country, usually in terms of production and consumption. Over the years, two kinds of economy been divisive which are capitalism and socialism. Capitalism is an economic system where the majority of the productions are privately owned. Where in socialism, social and economic that calls for public rather than private ownership. The main different between capitalists and socialists is there capitalists are usually care about themselves and are only concerned about increasing their personal wealth. Where socialists concerned about improving the wealth of everyone in the country. Because of the differences in their opinions, we are observing everyday conflict between these two economic parties. Capitalists view socialists as people who want to have what capitalists worked hard for. Where socialists view capitalists as greedy people who want to have everything for themselves. Socialism should be the dominate economic party rather than capitalism, because that will help far more people in the country than capitalism would.

Socialism is a form of a command economy where the government decides what goods are to be sold, how to produce the goods, who has access to the goods, and who owns and controls the factors of production. Some examples of socialism today would be France, Sweden, and India (Pride 17).

A Capitalist Economy vs Socialist Economy There are a variety of economic systems today, which can influence how prosperous we will be as individuals or as a group. Socialism is an economic system where the government will be greatly involved in the economy. In a socialist economy the government can control many industries, provide public institutions such as health care and education, and equalize incomes of the population. A socialist economy is one of low unemployment and stability, where the government sets production quotas and price regulation upon their perception of the needs of the economy.

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.

Capitalism is an economic system which allows private and corporate ownership of capital goods; investments that are controlled and determined by privately owned entities; pricing, production and distribution of goods in a competitive free market. Adam Smith is considered the Father of Capitalism and he described capitalism as a system with an invisible hand that would maintain the markets without government

Socialism was developed by Karl Marx in 1848. Socialists believe economic equality is bad for the society and the government is responsible for reducing it.Real socialism, by definition, is democratic. There are many different types of socialism, like democratic socialism, revolutionary socialism, utopian socialism, libertarian socialism, market socialism, eco-socialism, and Christian socialism. The former Soviet Union and Nazi Germany are historical examples of a socialist economy. And today's examples consist of Cuba, Venezuela, and China. Their main focus is on profit being distributed among society/workforce to complement individual

“Socialism is a philosophy of failure, the creed of ignorance and the gospel of envy, its inherent virtue is equal sharing of misery”. Socialism over the past century has caused growing fear over many centuries across the globe. Socialism is ownership of everyone and common ownership, compared to capitalism where its a private ownership. A socialist economic system is based on the organisational precept of production use. Socialism will always fail due to the human element, resulting a corrupt government.

As mentions before socialism is the doctrine that espouses public ownership or control of a major means of production. It aims to achieve an equitable and efficient distribution of social goods and greater economic planning then exist under capitalism. Although the central concerns of socialism appears to be economic its ramifications extend to the moral, social and political realms, in fact together with nationalism, it is the leading ideological and political movement of the 20th century.

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.

By definition, Capitalism is an economic system controlled chiefly by individuals and private companies instead of by the government. In this system, individuals and companies own and direct most of the resources used to produce goods and services, including land and other natural resources labor, and "capital". "Capital" includes factories and equipment and sometimes the money used in businesses (Friedman, 5).

Capitalism according to Merriam-Webster is: 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 are determined mainly by competition in a free market. In summary, capitalism is a system in which every man is making decisions for their personal gain without the government getting involved. This ideology along with new machines created a surplus of goods. Goods were available to everybody due to the surplus and exportation. The result is more goods sold and more money

Accordingly, one idea or fact that is often raised to differentiate socialism from communism is that socialism in general is the political movement that refers to an economic system in that they believe that the state should be in charge of all important producing industries thus taking hold of the control of free market in order to promote economic parity and egalitarianism. Theoretically, socialism seeks to distribute wealth equally among its citizens in a way that the rich don’t take

By definition, Capitalism is an economic system controlled chiefly by individuals and private companies instead of by the government. In this system, individuals and companies own and direct most of the resources used to produce goods and services, including land and other natural resources labor, and “capital”. “Capital” includes factories and equipment and sometimes the money used in businesses (Friedman, 5).

In terms of business administration, Socialism strives for government intervention, attempting to achieve a degree of fairness; however, Capitalism strives for a “hands-off” approach, letting businesses decide their course according to market trends. Of course, there is also a well-defined correlation between the oversights over the two ideologies, for Socialism has usually been relatively authoritarian, trying to strike a balance for the general population; Capitalism, however, has usually been lax on the regulation of liberties, letting one decide for themselves their own fate. Finally, incentive has held a profound role, such as personal ownership. Socialism, with the main tenet of equality being strived for, has usually frowned upon unequal ownership. Nevertheless, Capitalism believes in just compensation to one’s work ethic. Different approaches with a common goal heavily distinguish these

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