Capitalism vs. Socialism

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Capitalism is considered to be a more dominant economic system as opposed to socialism in the United States of America. It gives people the right to own property which is essential to those individuals who plan to provide for themselves and their families in the future i.e. owning a house, business, land. The rights of private property attribute quite immensely to the economic growth and our own country exemplifies that quite well. Thus, U.S.A excels in that sense whereas most of Africa fails to do so, due to the fact that they suffer from poor economic growth. Furthermore, capitalism provides the individual with motivation and incentive to do better; you are rewarded in accordance to your work of action because of the price of labor in which the market decides your pay. For example, if one person has the ability to do far better in terms of performance and efficiency than the latter, their hard-work will be highly acknowledged in contrast to the person who lacks such skills. In capitalism, the latter that is left-behind, as in he or she does not have the privileges of private ownership or for working at a renowned corporation/firm or is a victim of poverty will be helped through the process of taxation. One significant creation that capitalism established is the system of taxation which as said before, basically allows for people in poverty to have their needs supported. Although, this often depends on the role of state regulation.

On the other hand, Socialism refers to an ideal form of society where each and every individual is considered to be equal in terms of status in society, class structure, and price of labor. During the Industrial Revolution around the 18th and early 19th centuries, Karl Marx (the founder of communism) analyzed the conflict which he strongly believed exists between the Bourgeoisie (Upper-Middle Class) and Proletariat (Lower Class). Marx was against capitalistic views because in his perspective, such a system of society only meant...
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