Free Essay Example: Socialism vs. Capitalism

Published: 2022-02-28
Free Essay Example: Socialism vs. Capitalism
Type of paper:  Essay
Categories:  Capitalism Economics
Pages: 3
Wordcount: 678 words
6 min read

For centuries now, socialism and capitalism remain among the topmost debated topics across the board. As much as many individuals believe in socialism, a significant number as well have their trust in capitalism. Any insatiable reader may have come across Apple Technology's story. Steve Wozniak and Steve Jobs have capitalism to thank for playing a major role in the making of the multinational company (Chuck). The duo had ideas although funding was lacking to kick start their venture, luckily, a capitalist in Mike Markkula came through for them with $250000 funding. At the moment, Apple employs close to 50000 individuals across the world.

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Socialism is an array of systems either social or economic or a combination of the two; it is characterized by communal ownership and control of various means of production. On the other hand, capitalism roots for private ownership of multiple means of production in a bid for profit making in the long run (Chuck).

Capitalism gives a clear-cut way to run an economy, just because the system ranks opinions, judgments, plans, and ideas and rewards them. The most creative among these are deservedly gratified by the outcome in the long run with effortless individuals having little or none on their plates different from the socialist world. Socialism believes in having a share of the pie even to those less involved. Capitalism gives room for people to make their own will and earn income by the quality and amount of effort put forth, in turn, both the person and the economy benefits (Chuck). However, for a socialist case, the mass has little said in making a living since many lies in the hands of specific few individuals.

Secondly, capitalism checks the power of the government thus making it a better choice over socialism. For socialism, the government controls nearly everything from means of production to enterprises. On the other hand, capitalists stand for diffusion of power across the various means of production. The capitalistic system is likely to thrive since it gives room for competition amongst individuals and entities, inarguably; competition is healthy for progress such that the creme succeeds whereas the losers are forced to close. Socialism is rooted in a non-competitive economy (Chuck).

There is more than meets the eye for a socialist system; many people tend to believe in the government having the entire control of businesses and various means of production. However, it is worth noting that at times this amount of power to the government would likely give birth to communism whereby individuals or rather an individual rises at the expense of economic failure. An example is the rise of Benito Mussolini of Italy and Adolf Hitler of Germany (Chuck).

The most technologically advanced nations with better education system are usually capitalistic. Technology and education are among the things countries find pride in. Capitalism allows for flexibility; a nation is likely to quickly adapt to changing demands of the world economies thus guarantees progress (Chuck). On the other hand, one or two wrongs by a government for a socialistic case would likely stagnate a nation with changes and growth being considerably slow.

On the downward side, capitalism is far likely to give rise to monopolistic firms and other institutions of the same kind. Such entities are likely to exploit individuals given their high positions, monopolistic companies, for example, are likely to be price setters thus charging high amounts for products (Chuck). Socialism plays its card perfectly this time since the economy is state-managed, the government is in charge of setting prices thus keeping check of exploitation.

In a nutshell, just like any other system, both socialism and capitalism have their fair shares of highs and lows but capitalism is by far the better option. Before one gives glory to socialism, it is best to ask oneself whether he or she wants the government as a "nanny." The core motivator of human action is self-interest, capitalism spearheads this.

Works Cited

Chuck, Goodwin. "Goodwin, Chuck. "Point: Capitalism is Still the Best Economic Alternative." Points of View: Capitalism vs. Socialism." Points of View Reference Center. (2009). Document.

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