What Are The Pros And Cons Of Free To Choose Socialism
Sydney Bouma
Econ 2103
Free to Choose Socialism and capitalism are two opposing schools of thought when dealing with the economy. Each plays a role, but different ones. For example capitalism operates as a system of checks and balances through voluntary exchange, while socialism allows the government to hold the power and to choose that what is right for one is essentially right for all. In the book “Free to Choose” authors Milton and Rose Friedman discuss these two opposing views in depth and argue from a capitalist standpoint. While they believe that some government provision is necessary, they believe competition and opportunity are essential in running a successful economy. After reading their book, I too argue from the same point of view. In chapter one Friedman talks about “choice” and how significant choices are in our lives. From deciding how to use our resources, to where one chooses to dwell, life is all about choices. Having an economy based on capitalism I strongly feel would be best. It allows individuals to be “free to choose” and prevents the government from intervening. The government should level the playing field but should not call all of the shots. …show more content…
One pro is that capitalism allows individuals to make their own decisions and also creates incentives to work hard. For example, if one chooses to work hard that may result in a higher income, therefore the higher income is an incentive to put forth more effort. In my opinion our generation seems to be becoming lazier, and hard workers are valuable to the workplace and also hard to find. Now, if we live in an economy that is based on socialism and the government holds the power to decide how wealth is distributed, would one want to work hard? Why be wealthy if our money is in the hands of the
Econ 2103
Free to Choose Socialism and capitalism are two opposing schools of thought when dealing with the economy. Each plays a role, but different ones. For example capitalism operates as a system of checks and balances through voluntary exchange, while socialism allows the government to hold the power and to choose that what is right for one is essentially right for all. In the book “Free to Choose” authors Milton and Rose Friedman discuss these two opposing views in depth and argue from a capitalist standpoint. While they believe that some government provision is necessary, they believe competition and opportunity are essential in running a successful economy. After reading their book, I too argue from the same point of view. In chapter one Friedman talks about “choice” and how significant choices are in our lives. From deciding how to use our resources, to where one chooses to dwell, life is all about choices. Having an economy based on capitalism I strongly feel would be best. It allows individuals to be “free to choose” and prevents the government from intervening. The government should level the playing field but should not call all of the shots. …show more content…
One pro is that capitalism allows individuals to make their own decisions and also creates incentives to work hard. For example, if one chooses to work hard that may result in a higher income, therefore the higher income is an incentive to put forth more effort. In my opinion our generation seems to be becoming lazier, and hard workers are valuable to the workplace and also hard to find. Now, if we live in an economy that is based on socialism and the government holds the power to decide how wealth is distributed, would one want to work hard? Why be wealthy if our money is in the hands of the