Socialism vs Capitalism

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Lachezar Tsenov
BUS340
Capitalism or Socialism – Which is the moral social system?

There are two major systems that compete for the name of moral social system. Capitalistic and socialistic ideas are quite different but both of them have a lot of supporters. Capitalism is about you pursuing your own goals and your goals only without caring about the others in the system. On the other hand, Socialism is about you pursuing the goals of you and the others at the same time. The question which system is the moral one is of high importance for the future of our world.

Egoism is the word that best describes Capitalism. This system lies on the idea that people are born to become selfish and that it is our nature. That by seeking your own happiness and success you are doing the morally right thing because that is who you are. In contrast, Socialism is not only about you and your well-being but it is about you and the others’ happiness. The moral idea that supports this system is altruism- to care about the well-being of the others without any selfish intentions. What socialism promotes is that is morally right to pursue happiness of the whole society. Comparing egoism and altruism will give us the answer to the question which system is the moral one. And the answer is that it is not moral to live your life only in service to yourself but also to the people with whom you share this world.

Many people that defend capitalism claim that people are motivated to seek their own satisfaction by nature. Every person is by nature selfish and there is nothing wrong to seek your own happiness. Moreover, the pursuit of happiness is one of the basic rights that a person has. It is said that this desire for private benefit motivates men to be better. The idea that capitalism is connected to human nature exists from the beginning. Adam Smith stressed human “self-love” as a central motive for human actions. That means that a person acts only according to his desires and it is only moral to do so. You have to decide what is best for you and that is your moral obligation, the others are not your concern because it won’t be moral you to influence their way of living. In capitalism, man is an individual by nature and he is the one who has the power of his life. Why is egoism the moral way to live and why do we need a system that uses egoism as its main theme? Capitalist say that when you look for your best well being, you will always try to perfect yourself, you will always try to be better and more organized. With your life you have rights. The pursuit of happiness is a right you have since you are born. Therefore, by living, one accepts and follows this right. This happens by being selfish. And there is nothing morally wrong in it. And capitalism is the system that promotes egoism. That means it promotes every human being within the right to pursue happiness. Even further, it promotes our human nature. People that support capitalism state that because we humans are selfish by nature, we need a system that will suit it. Individuality is one of the main characteristic in a person. Capitalism is the morally right system because it gives freedom to this individuality. There are many critics to this promotion of selfishness. Many blame this system of encouraging vices as greed and materialism. On the other side, it can be said that Capitalism stimulates some virtues like honesty, independence, thrift and diligence. In addition, cooperation has a main place in this system. For example, if two people cooperate together, each of them will look for their benefit and this way both of them will win. Utilitarianism is an ethical system that also supports Capitalism. The argument for this statement is that the public welfare under Capitalism is promoted in the best way. Basically, the idea of Capitalistic system is to suit human nature the best. And human nature is selfish. Seeking your happiness in your own way...
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