final essay
Throughout history, human have developed various forms of economic systems not only for individuals but also for the entire societies. Among those systems, by trial and error people have finally established two dominant forms of economic systems, which are capitalism and socialism. These two economic systems are differed in the end goal and the way to approach it. Within a capitalist society, means of production are privately owned by individuals and individuals are free to choose how to utilize their money. Since the ultimate goal of the capitalism is maximizing its profit, market relies on the motivation of pursuing their self-interest. However, in a socialist society, means of production and distribution are collectively owned by government who decides for the people what to produce and in what quantity to produce. The aim of socialism is establishing economic equality through the government regulation. Having stated how these economic systems are differed and how these works, the big question arises that which one is the superior system. Many philosophers and economists state their views on these systems regarding to motivations and happiness, meaning of equalities, and consequences on environment.
First of all, socialists and capitalists have different views on motivations of working and pursuing of happiness. Capitalists believe that main feature of capitalism is private ownership of property and freedom of making decision about competitive pricing, differentiated production, and distribution of goods. Since property and means of production are privately owned and operated for private profit, people are willing to work hard and effective to expend their property. Bentham defines the ‘good life’ as one maximizes pleasure and minimizes pain and what fundamentally motivates individual is the pursuit of happiness. He believes that capitalism increases property and it is the main means people use to satisfy their utilities. This means, capitalism encourages
First of all, socialists and capitalists have different views on motivations of working and pursuing of happiness. Capitalists believe that main feature of capitalism is private ownership of property and freedom of making decision about competitive pricing, differentiated production, and distribution of goods. Since property and means of production are privately owned and operated for private profit, people are willing to work hard and effective to expend their property. Bentham defines the ‘good life’ as one maximizes pleasure and minimizes pain and what fundamentally motivates individual is the pursuit of happiness. He believes that capitalism increases property and it is the main means people use to satisfy their utilities. This means, capitalism encourages
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