Preview

Capitalism vs. Socialism

Good Essays
Open Document
Open Document
1159 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Capitalism vs. Socialism
Frank Liberti
Issue Essay 1
Capitalism compared to Socialism is the best format for the economy. When the two are looked at side by side they both have strong pros and cons. When looked at in a functional format to the economy and the real way that they would work, I believe, that capitalism would provide the best options. The concept of capitalism is a good way to help develop the economy, especially in a large economy such as the United States. The competition that is created by the capitalism boosts the economy and stimulates growth. Capitalism is the best way to go about the economy.
Capitalism is loosely defined as an economy where markets are left alone and not regulated. The government is not in power over the markets. The only time that the markets would be regulated would be when there is distress in the markets. With the distress, the regulations are as little as possible. There is a patience that is used with capitalism. In it there will be no moves made in a down turning economy until the trends are strong enough to legitimize the regulations that would need to be set. Capitalism was a system developed in Europe. This system became popular once feudalism became obsolete and unpopular. It was very popular in the western part of the world and then began to spread and become popular in Europe. This economic system was made to promote economic growth through competition. The main focus of capitalism is to have competition to promote the best and cheapest goods and services. The term that is constantly related to capitalism is the French saying “Laissez Faire.” This is translated into “Let do,” and is roughly translated as “Let it be.” Socialism, on the other hand, is a strictly planned economy. The government will regulate the markets and plan the markets in a way that is believed to put the economy in its best form. This requires a lot of planning. It is meant to be able to handle large and small economies. Socialism frowns on the competition that

You May Also Find These Documents Helpful

  • Good Essays

    For the United States I would recommend the free enterprise system. If we were to have that we would be able to see the changes that it makes. With socialism it doesn’t motivate people to work hard and make a living because it is divided among the community where you live. If some people worked and others didn’t the money would still be given to the people who don’t work. I believe that the free enterprise system would be best because it’s based on the principle of individual rights. With the free enterprise, also known as capitalism, the government has limited control over business, which lets business’ compete. It lets people choose what kind of work they want to do and where they want to work. It lets people decide what they want to do with their money if they want to put it into a retirement account or in the stock market. There are only a few disadvantages of Capitalism that I see. There are barriers between people in terms of how much wealth they have or how much money they make. Also that government control is so limited that it lets a few businesses to dominate their industry and then they become able to make the rules for their industry. I would definitely advocate the idea of capitalism over socialism any time.…

    • 336 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Socialism -vs- Capitalism

    • 366 Words
    • 2 Pages

    Socialism vs. Capitalism Samantha Conti University of Phoenix Comm. /105 –January 12, 2008 The disadvantages of Communism are that people have to be willing to work for the greater good of society, not just themselves. They will not receive all the fruits of their labor, no matter hoe much you work you will always get the same salary. Why would you want to work so hard if you were going to make the same amount of money? Human rights abuses, lack of incentives for progress for individuals which results in a slow progressing society as a whole. Under Socialist theory the individual’s needs are determined and satisfied collectively. Dissent and venturing out on one’s own are not option. Everyone is an employee and tenant of the state. In Communism people have little rights, everything is run by the government resulting in enormous economic failures, including famine, militarism and propaganda to cover-up the systematic failures of the government. Capitalism was developed in Europe in the 19th and early 20th century. Capitalism is an economic arrangement in which people have the individual liberty and the right to own property and to do what they wish with their property as long as it does not harm anyone else. These freedoms set Capitalism apart from all other kinds of economic arrangements. The Capitalist system is based in giving each individual the freedom to better (or worse him or herself). Capitalism signifies means of production. The heart of Capitalism is the producer’s right to make what he wants and the consumer’s right to choose what to buy. A free market economy and free enterprise. The major benefit of Capitalism is private property, the concept that people have the right and privilege to control their possessions as they wish. In a Capitalism economy the role of the government reflect the desire and goals of its citizens. Capitalism societies suffer from poverty too, but in a different way as there is a vastly unequal distribution of wealth (a few…

    • 366 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Economic systems meet the needs of their people by determining what to produce, how to produce it, and who will buy it. Capitalism gives the people the freedom to make their own choices in what to do produce and so forth. On the other hand, a communist economy guarantees certain necessities for the people, such as jobs, food, clothing, and shelter, but the people have little/no choice in what kind. Though these two economic systems are run differently, the government in each will step to fill in the missing pieces of the people’s needs if absolutely necessary.…

    • 614 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Capitalism is an economic and political system in which industry and trade are managed by individual owners for profit, rather than by the government. There are both benefits and negative consequences to the system of capitalism because of this it is in my opinion impossible to reap to reap the benefits of capitalism without experiencing any of the negative consequences.…

    • 477 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Capitalism And Socialism

    • 393 Words
    • 2 Pages

    Capitalism and socialism are economic systems that both began in 1750. In my opinion, capitalism is a better system because it includes private property and capital accumulations. Capitalism affords economic freedom. It also affords consumer choice and economic growth. Capitalism and socialism are somewhat opposing schools of thought in economics. The central arguments in the socialism vs. capitalism debate are about economic equality and the role of government.…

    • 393 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    I think capitalism is good for the poor compared to other systems such as communism…

    • 281 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Communism vs Capitalism

    • 992 Words
    • 4 Pages

    Since the beginning of the 20th century many countries have favored the economic system of communism over capitalism many political partys around the world that are communist based have the term “workers party”incuded in their name because communism is a system for the working class and capitalism is a competitive system for the upper class society to benefit. Communism was not envisioned by one person but molded and perfected by many one of the key contributors to the creation of communism was Karl Marx who wrote The Communist Manifesto which heavily criticized capitalism “The flaws Marx found in capitalism led him to believe that communism would create the best political, economic, and social situation for citizens in every society” (L.T., 1).In a totalitarian state ruled by communists one political party controls every aspect of the government mainly the economy instead of being able to grow or produce what you want the government would tell you what to grow and how much to grow thus decreasing competition among different corporations manufacturing and mass producing the same items or goods. By controlling the economy the people in a communist nation also are equal not separated by accumulated wealth .Many countries with newly formed communist regimes are often the result of a revolution inside the country or expansion by an already communist state countries like Russia,China,Cuba,Vietnam,North korea,Cambodia and many more because the people wanted a change in government that would benefit themselves and their country showing that communism is still a rising system in the modern world and that it is very successful economically socially and diplomatically overall communism is a system that will benefit a nations people economy and government over a extended period of time…

    • 992 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Different social systems are built on different sets of values and perceptions of the world. Political science offers some means of comparison between capitalism and socialism and the various ways, in which the two ideologies are applied around the world (for some practical implementations of the two systems of government deviate substantially from their theoretical foundations). History offers insight into societies that have adhered to both ideologies with various degree of success and allows one to make conclusions based on past events. However, neither discipline can give a definite determination regarding the superiority of one social order over the other. An argument from the point of view of ethics must consider the conclusions and consideration of both history and political theory to determine the moral specifics of both capitalism and socialism. The decision which one is superior depends on one’s views on what is moral and what is not.…

    • 1668 Words
    • 7 Pages
    Powerful Essays
  • Satisfactory Essays

    Social Reform Case Study

    • 2015 Words
    • 9 Pages

    Reactionary - wants change, but also wants to retreat to the past. Example: Mohamed Siyaad Barre…

    • 2015 Words
    • 9 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Capitalism is an economic system where the government is hands off of businesses and people work to make profit, it is based off of private ownership. In document one of the DBQ, it states that capitalism is "based on the private ownership of capital, and on the production of goods and services for profit" (document 1). Even though it may sound like a good idea, many people were unhappy with capitalism because on lthe people who took the risk to invest money were wealthy and everyone else, for the most part was poor. The solution to these problems were new ideas of economic systems. Socialism was one idea. Socialism was an economic system where there is eocnomic equality and the government owns big industries. Documemnt four of the…

    • 277 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    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 organized to facilitate expanding accumulation of profit by private owners; and the production of commodities for sale. In layman’s terms, this all means that the production and distribution are owned by individuals: private ownership and free enterprise. These industries owned by individuals are believed to lead to more efficiency, lower prices, better products and rising prosperity. Now let’s take a step back into time and see where American Capitalism started and why it was started.…

    • 2286 Words
    • 10 Pages
    Powerful Essays
  • Good Essays

    Capitalism Vs Healthcare

    • 1015 Words
    • 5 Pages

    Socialism and capitalism are, without a doubt, two somewhat opposing economic thoughts and system. Most of the arguments that come up when debating about these systems center on equality and the role of government in our economy. Socialists' beliefs include the idea that inequality is inferior to the success of the economy and society, and that…

    • 1015 Words
    • 5 Pages
    Good Essays
  • Good Essays

    Capitalism lives thrives and still lives long here in the United States and few other nations, while Communism also lives long in other nations. They are two opposite types of governments that have challenged each other throughout history and have almost cause catastrophe throughout the world years ago. Both governments have their successes, while they both have their downfalls.…

    • 439 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    Capitalism is when individuals, not government, are in charge of production and can profit from their labor, and communism is when the state makes all economic decisions. The key difference is individuals take the production of goods and services in capitalism unlike in communism where the state establishes all production and economic goals, in communism the state controls all aspects of economy.…

    • 62 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    Controls prices and profits through natural law of supply and demand- less supply and more demand= prices up…

    • 2092 Words
    • 9 Pages
    Good Essays