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AComparison of Capitalism and Socialism

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Capitalism is superior to Socialism Capitalism is the world’s very popular economic system based on a free market, open competition, profit motive, and private ownership of the means of production. Capitalism encourages private investment and business compared to a government-controlled economy. Investors in private companies also own the firms and are as capitalists. By contrast, socialism, a government-controlled economy, is based on equality, social justice, and common ownership by the people. Capitalism is superior to socialism because it is a competitive, dynamic system which aids the rapid development of countries.

Many countries today are capitalists, including both developed countries such as the United States of America, Canada, and many European countries, and also some African countries that need to come from poverty to a sustainable economy. Even if we can find some capitalist countries in Asia, many more are socialist such as Russia, Japan, and so on. Private ownership is a feature of capitalism. Price defines private or personal property as everything (including land, business and goods) owned by a person and controlled by himself (“Understanding Capitalism”) http://rationalrevolution.net/articles/capitalism_property.htm). This permits the owner to plan and evaluate the weaknesses and strengths of his economy. For example, a boss who owns a company that produces electricity is in control of everything. He controls employees and collaborates with other companies to develop his property. This gives him the responsibility to plan a brighter future, and he always works hard, because the success of his company comes only to him. Not only is private ownership productive for him, but also for the whole nation. Th.

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. . ownership of property, constitute inequality, exploitation, and misery (“Democratic Socialism”). (http://www.luc.edu/faculty/dschwei/demsoc.pdf) Socialism also strives for education for all, not just the elite. This has been the theory of the Socialist Party of the 21st century. According to Manfred Nast, author of the planning of higher education in the German Democratic Republic, “In the socialist countries, all deliberations on education planning involve the all-round development of the socialist personality” (“The planning of education”). (http://www.jstor.org/pss/3445938) While socialism seeks for social equality and education, capitalism is more effective for building strong nations. The elements which constitute its success are private ownership, personal incentive and individual reward, and a competitive spirit among people.

Cite this AComparison of Capitalism and Socialism

AComparison of Capitalism and Socialism. (2018, Feb 05). Retrieved from https://graduateway.com/acomparison-of-capitalism-and-socialism-essay/

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