Socialism is when the state controls the means of production by manipulating prices of goods and wages of workers. Socialism also requires people to submit to the rule of law. In return for their compliance, citizens are provided with resources rationed by the government. In a socialist government you get pros like, free health care and other services provided. But with good comes bad, cons are high taxes, not as much incentive to work hard as in other systems. Excessive government regulation makes business slow and not very efficient. Let take Cuba for example, as an island Cuba needed to trade to live. As long as there was a community of socialist nations with whom it could enjoy favorable terms of trade, it was able to develop economically and raise its standard of living to a level that made it the envy of the rest of the Third World, a level that in areas such as health care and public education rivals industrialized countries like the United States. While its place in the international division of labor within the emerging socialist world system continued its role as an exporter of agricultural goods and minerals, the prices of these exports were indexed to those of imported industrial goods so that the labor value content of each were more nearly equal than you usually find. It was this unique equivalent exchange that has made economic development possible in Cuba since the revolution.…
Economic systems meet the needs of their people by determining what to produce, how to produce it, and who will buy it. Capitalism gives the people the freedom to make their own choices in what to do produce and so forth. On the other hand, a communist economy guarantees certain necessities for the people, such as jobs, food, clothing, and shelter, but the people have little/no choice in what kind. Though these two economic systems are run differently, the government in each will step to fill in the missing pieces of the people’s needs if absolutely necessary.…
Reactionary - wants change, but also wants to retreat to the past. Example: Mohamed Siyaad Barre…
Socialism forms the largest section in which The Jungle is tailored. It is defined as the economic system in which the workers own the entire industry instead of the few rich entrepreneurs. Workers are paid well for their work and relate well with each other. Socialism is advocated for in order to replace capitalism. On the other hand, capitalism refers to an economic system where the producers and consumers are able to source money and spend it through any means they choose. As a matter of fact, Sinclair wins the attention of many readers by illustrating in details the effects of capitalism.…
I think capitalism is good for the poor compared to other systems such as communism…
Since the beginning of the 20th century many countries have favored the economic system of communism over capitalism many political partys around the world that are communist based have the term “workers party”incuded in their name because communism is a system for the working class and capitalism is a competitive system for the upper class society to benefit. Communism was not envisioned by one person but molded and perfected by many one of the key contributors to the creation of communism was Karl Marx who wrote The Communist Manifesto which heavily criticized capitalism “The flaws Marx found in capitalism led him to believe that communism would create the best political, economic, and social situation for citizens in every society” (L.T., 1).In a totalitarian state ruled by communists one political party controls every aspect of the government mainly the economy instead of being able to grow or produce what you want the government would tell you what to grow and how much to grow thus decreasing competition among different corporations manufacturing and mass producing the same items or goods. By controlling the economy the people in a communist nation also are equal not separated by accumulated wealth .Many countries with newly formed communist regimes are often the result of a revolution inside the country or expansion by an already communist state countries like Russia,China,Cuba,Vietnam,North korea,Cambodia and many more because the people wanted a change in government that would benefit themselves and their country showing that communism is still a rising system in the modern world and that it is very successful economically socially and diplomatically overall communism is a system that will benefit a nations people economy and government over a extended period of time…
Socialism is the means of all aspects of the economy and owned and is regulated by the community. The founder of this theory, Karl Marx, is usually associated with Communism. While Socialism is considered a lower stage of communism, it is actually the middle of the economic systems (Capitalism, Communism, and Socialism). Communism has more of an underlying political effect, whereas Socialism and Communism do not. By Socialism controlling the means of production, this diminishes the idea or private businesses.…
Socialism vs. Capitalism Samantha Conti University of Phoenix Comm. /105 –January 12, 2008 The disadvantages of Communism are that people have to be willing to work for the greater good of society, not just themselves. They will not receive all the fruits of their labor, no matter hoe much you work you will always get the same salary. Why would you want to work so hard if you were going to make the same amount of money? Human rights abuses, lack of incentives for progress for individuals which results in a slow progressing society as a whole. Under Socialist theory the individual’s needs are determined and satisfied collectively. Dissent and venturing out on one’s own are not option. Everyone is an employee and tenant of the state. In Communism people have little rights, everything is run by the government resulting in enormous economic failures, including famine, militarism and propaganda to cover-up the systematic failures of the government. Capitalism was developed in Europe in the 19th and early 20th century. Capitalism is an economic arrangement in which people have the individual liberty and the right to own property and to do what they wish with their property as long as it does not harm anyone else. These freedoms set Capitalism apart from all other kinds of economic arrangements. The Capitalist system is based in giving each individual the freedom to better (or worse him or herself). Capitalism signifies means of production. The heart of Capitalism is the producer’s right to make what he wants and the consumer’s right to choose what to buy. A free market economy and free enterprise. The major benefit of Capitalism is private property, the concept that people have the right and privilege to control their possessions as they wish. In a Capitalism economy the role of the government reflect the desire and goals of its citizens. Capitalism societies suffer from poverty too, but in a different way as there is a vastly unequal distribution of wealth (a few…
The debate over the superior socioeconomic system has gone on for over 100 years, and there seems to never be any consensus. In fact, the debate has become so heated that wars have been fought in order to prove supremacy—i.e. the Cold War fought primarily between the USA and the USSR. On one end of this debate lies the communist party that’s goal is to eliminate the gap between the rich and the poor by creating social and economic equality between classes. The opposing party is the capitalists, who strive to for free market economy and individual enterprise. Socialism is the middle ground as it is a mix of both private corporations and government run facilities.…
Whereas Socialism, according to the Marxists Theory, is something in-between Capitalism and Communism; A political and economic ideology where the government has almost complete control over trade, capital, land, and the production and distribution of goods. Thus encouraging the formation of a welfare state. In countries such as Cuba and other countries who employ Socialistic practices land is completely owned by the government, unlike America, where the majority of land is privately owned by the individuals of America. While some people will argue that capitalism is all about greed and has caused the inequality that is so frequently spoke of by politicians, protesters, and news and media outlets. Many think the solution to this inequality is to employ more Socialistic ideals, what some refer to as Marxism 2.0; however, as Socialism is European countries is proving, that is not the…
Capitalism and socialism are economic systems that both began in 1750. In my opinion, capitalism is a better system because it includes private property and capital accumulations. Capitalism affords economic freedom. It also affords consumer choice and economic growth. Capitalism and socialism are somewhat opposing schools of thought in economics. The central arguments in the socialism vs. capitalism debate are about economic equality and the role of government.…
The United States of America was founded upon the principles of freedom and equality for all, and it is essential that these values continue to be reflected in this nation’s economic policy. America’s founding fathers looked towards the free enterprise system, or Capitalism, in order to preserve economic freedom in the United States. Unfortunately, opposition to Capitalism has been growing at a rapid rate over the last decade, and everyday more and more Americans are beginning to support the transition to Socialism. Supporters of Socialism aim to eliminate poverty and income inequality that is supposedly the result of Capitalism. While Communism and Socialism can provide immediate aid to struggling individuals, Capitalism is the only economic…
ii.) Capitalism and socialism are two completely different things. Socialism is more focused on helping the less fortunate do better for themselves. Socialists want to help the lower class. This concept is more revolved around “everyone should help the needy”. Capitalism is more concerned about the wealthier, higher class. Capitalists feel that since they are already doing well, no one else matters. The Capitalist aspect is largely based on individual gain, and is more revolved around “every man for himself”.…
The 20th century saw two superpowers with radically different ideals. These two countries were founded on economic opposites and their founders couldn’t have been more different. To this day both sides have ardent supporters that insist that their system is the way to go. These two topics are very important today because of the most recent presidential election. Socialism and socialistic values are increasing in America, so it is important to understand the system we have now and the one proposed by socialists.…
Nowadays, the inequality between the rich and the poor is a very controversial and sensitive topic. Over the past 50 years, the gap between the poor and the wealthy in the United States has widened. The American Society has been heading in one direction as it is quite observable that the wealth in the United States is becoming distributed among few super-rich individuals. According to Gilson and Perot in "It's the Inequality Stupid," and a Harvard Business School report, 80 percent of the world's wealth is owned by 20% of the people, while 80% of the people own the remaining 20% of the wealth, which is called the 80/20 rule. According to Jeff Sommer in “Why You Might Not Want to Take Away a Billionaire’s Money” and…