Socialism and Capitalism

Topics: Political philosophy, Liberalism, Classical liberalism Pages: 3 (627 words) Published: April 18, 2013
Difference Between Socialism and Liberalism

• Categorized under Ideology,Politics | Difference Between Socialism and Liberalism

Socialism vs Liberalism

The terms ‘socialism’ and liberalism’ are used a lot nowadays, and many people often mistake one for the other. In order to differentiate between these two terms, one must keep in mind the clear-cut differences by defining the prevailing ideology of each term. The tenets of socialism assert that the state should wield total economic power by manipulating prices of goods and wages of workers.

Furthermore, socialism requires people to submit to the rule of law. In return for their compliance, citizens are provided with resources rationed by the government. On the other hand, liberalism is more challenging to define since it is further divided into classical and modern liberalism. Classical liberalism states that the government should take control of an institution in order to ensure that it continues to be of service to the people, free of charge. Classical liberalism does not see any need for the government to enforce law and order and subjugate its citizens under the iron rule of law and order. However, modern liberalism veers away from this ideology by adding a new twist.

Modern liberalism asserts that aside from ensuring economic and political security, it is also the government’s job to interfere with people’s day-to-day affairs in order to maintain social security. Modern liberalism, in effect, can be compared to socialism, because both of them assert that the government can effectively uplift its citizens not only by seizing control of the economy or private institutions, but also by keeping a close watch on citizens to ensure that none of them become subversive. Many modern-day politicians have been supporting modern liberalism because they believe that the government can solve all problems once it is granted total power. These politicians point out the inequality of different classes in...
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