Socialism over Capitalism
Socialism Over Capitalism
The 19th century was a time when the majority of the population was working in decrepit factories earning almost nothing due to no minimum wage laws and lived in poor health due to lack of worker’s protection. Due to this, socialist thinkers and proponents like Marx and Bakunin were relevant and their ideals thrived. But in today’s world, low-income earners in the Third World are able to afford basic luxuries such as televisions and cell phones. Therefore, the socialist ideals of Marx and Bakunin are tossed aside and are seen as a form of tyranny, stripping people of their democratic rights as well as their individualism. It has become common knowledge that capitalism has brought greater freedom to people and socialism will forever be a horrible idea. However, this is not always the case. Capitalism sets people against each other in a race to be successful and wealthy, whereas Socialism puts that competition at rest and calls for us to work together for cooperative harmony. There are two factors that favor socialism over capitalism when you look at it through this “greater good” perspective. These are: The profit motive, and economic uncertainty. To fully grasp the debate of socialism over capitalism, one must first fully comprehend what each one is. In short, capitalism is an economic system where private parties dominate the means of labor. These ‘means’ of production refer to assets pertaining to money and various sorts of wealth. Through capitalism, workers whose end goal is to make a profit in a free enterprise fuel the economy. In contrast, socialism is an economic system where forms of capital are run by the state. Though each person works for assets, monetary factors are rendered obsolete. “Labor as a state in which every person is put, and capital as the acknowledged universality and power of the community (Economic and Philosophic Manuscripts of 1844).” Unlike capitalism where your amount of work/profit determines your
The 19th century was a time when the majority of the population was working in decrepit factories earning almost nothing due to no minimum wage laws and lived in poor health due to lack of worker’s protection. Due to this, socialist thinkers and proponents like Marx and Bakunin were relevant and their ideals thrived. But in today’s world, low-income earners in the Third World are able to afford basic luxuries such as televisions and cell phones. Therefore, the socialist ideals of Marx and Bakunin are tossed aside and are seen as a form of tyranny, stripping people of their democratic rights as well as their individualism. It has become common knowledge that capitalism has brought greater freedom to people and socialism will forever be a horrible idea. However, this is not always the case. Capitalism sets people against each other in a race to be successful and wealthy, whereas Socialism puts that competition at rest and calls for us to work together for cooperative harmony. There are two factors that favor socialism over capitalism when you look at it through this “greater good” perspective. These are: The profit motive, and economic uncertainty. To fully grasp the debate of socialism over capitalism, one must first fully comprehend what each one is. In short, capitalism is an economic system where private parties dominate the means of labor. These ‘means’ of production refer to assets pertaining to money and various sorts of wealth. Through capitalism, workers whose end goal is to make a profit in a free enterprise fuel the economy. In contrast, socialism is an economic system where forms of capital are run by the state. Though each person works for assets, monetary factors are rendered obsolete. “Labor as a state in which every person is put, and capital as the acknowledged universality and power of the community (Economic and Philosophic Manuscripts of 1844).” Unlike capitalism where your amount of work/profit determines your