The World's Experience with Different Types of Socio-Economics

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Throughout history the world has experienced several types of socio-economies, from Mussolini’s fascism to Mao’s communism. All of those economies have its weaknesses and strengths and most have countries that can validate its effectiveness. Yet, only one economy has risen above the rest. But before we could decide which economy is truly better for society, there has to be criteria on which to judge the economy’s effectiveness. First, what is a society? In essence, it is a network of bonds we as human beings forge under the assumption, that working together we can all be happier than if we were only looking out for ourselves. With society, everyone is able to concentrate on what they do best, reap the benefits from the skills of others, and avoid the conflict that would arise otherwise. Thus, it follows that the ultimate goal of society is to ensure the happiness of everyone. And currently, only one economy has staved off the test of time and reached that goal. Capitalism, with its merit system, flexible cost adjustments, and having no other economic contenders is able to achieve a better society than any other socio-economic system can. By having an economic system that rewards merit rather than mediocrity, capitalism stimulates the market as well as individuals to progress and innovate, thus improving the overall welfare of its society. In a capitalist society, it is the people that produce that get rewarded. Entrepreneurs or companies that come up with a new product,
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