Difference Between Capitalism and Socialism
Differentiate between capitalism and socialism and indicate which of the two socio-economic systems is more appropriate for sustained growth and development
INTRODUCTION
1. This essay shall bring out the difference between capitalism and socialism. In so doing, first, the terminologies used shall be defined and some quotes noted by early writers. The full differences between the two socio-economic systems will be discussed after which a more appropriate system will be selected and thereafter, a conclusion will be drawn.
"ordinary people are deemed competent enough to select their political leaders-but not their bosses. Contemporary capitalism celebrates democracy, yet denies us our democratic rights at precisely the point where they might be utilized most immediately and concretely: at the place where we spend most of the active and alert hours of our adult lives."
2. Definitions. The following are the definitions of particular words used in the essay:
a. Capitalism. An economic and political system in which a country 's trade and industry are controlled by private owners for profit.
b. Socialism. A political and economic theory of that advocates that the means of production, distribution, and exchange should be owned or regulated. In Marxist theory, it is a transitional social state between the overthrow of capitalism and the realization of communism.
c. A Product. A product is any good produced for exchange on a market.
d. Commodity. A commodity refers to any good exchanged in a market, but more recently refers solely to standard products such as raw materials.
e. Capital Goods. These are the means of production including intermediate goods such as raw materials, tools, industrial machines, vehicles and factories,
f. Consumer Goods. Goods that are sold to other e.g televisions, cars, computers, houses.
g. Esprit de corps. A common spirit of comradeship, enthusiasm, and devotion to a cause among the members of a group. Capitalism
INTRODUCTION
1. This essay shall bring out the difference between capitalism and socialism. In so doing, first, the terminologies used shall be defined and some quotes noted by early writers. The full differences between the two socio-economic systems will be discussed after which a more appropriate system will be selected and thereafter, a conclusion will be drawn.
"ordinary people are deemed competent enough to select their political leaders-but not their bosses. Contemporary capitalism celebrates democracy, yet denies us our democratic rights at precisely the point where they might be utilized most immediately and concretely: at the place where we spend most of the active and alert hours of our adult lives."
2. Definitions. The following are the definitions of particular words used in the essay:
a. Capitalism. An economic and political system in which a country 's trade and industry are controlled by private owners for profit.
b. Socialism. A political and economic theory of that advocates that the means of production, distribution, and exchange should be owned or regulated. In Marxist theory, it is a transitional social state between the overthrow of capitalism and the realization of communism.
c. A Product. A product is any good produced for exchange on a market.
d. Commodity. A commodity refers to any good exchanged in a market, but more recently refers solely to standard products such as raw materials.
e. Capital Goods. These are the means of production including intermediate goods such as raw materials, tools, industrial machines, vehicles and factories,
f. Consumer Goods. Goods that are sold to other e.g televisions, cars, computers, houses.
g. Esprit de corps. A common spirit of comradeship, enthusiasm, and devotion to a cause among the members of a group. Capitalism
Bibliography: Schweickart, David (July 23, 2002). "Chapter 5: Economic Democracy: Why We Need It; 5.7: Ecology, p. 156. Rowman & Littlefield Publishers -------------------------------------------- [ 1 ]. Schweickart, David (July 23, 2002). "Chapter 5: Economic Democracy: Why We Need It; 5.7: Ecology, p. 156. [ 2 ]. Laissez-faire, named for a French term that means "let it be"