Capitalism verses Socialism

Topics: Capitalism, Communism, Means of production Pages: 3 (796 words) Published: March 10, 2014
The definition of Capitalism is-an economic system in which investment in and ownership of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations. To a recent study conducted by BBC, only 11 percent people surveyed in 27 countries were in favor of capitalism. From USA, a well-known capitalist economy, only 25 percent were in favor of it. Capitalism is the social system which now exists in all countries of the world. Under this system, the means for producing and distributing goods (the land, factories, technology, transport system etc.) are owned by a small minority of people. We refer to this group of people as the capitalist class. The majority of people must sell their ability to work in return for a wage or salary (who we refer to as the working class.) In a capitalistic economy every profession is highly accountable and competitive. Every person gets compensated according to his/her ability and productivity, unlike other social set ups, where exhaustion and undervaluing certain professions is a common thing. Also, in such a set up every profession is given equal importance, and therefore chances of social inequality are minimal. One of the interesting facts about capitalism is greed. While greed is a well-defined human need, it is also arguably the basis for capitalism. Greed for money, power, and performance are stimulators for taking the economy and every individual ahead in life. Arguments against Capitalism

Many people in today’s society (socialists, anarchist and communists) say that capitalism hurts workers, because businesses make more money by selling things than they pay to the workers who make the things and, therefore, businessmen become rich while workers remain poor and/or exploited. They also argue society would be more efficient if the individual was considerate of not only his/her interests, but the overall well-being of society rather than competing against one...
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