Not having a reason to want to succeed, an individual is much less likely to do the best that they can, thus inhibiting the economy from growing, developing, and prospering, which in turn lowers the quality of living.
As Adam Smith said, "Self-interest is the basic motivator of human action. In a socialistic economy, the government owns and controls almost everything, from the businesses to the means of production. Capitalism also has what is known as a free market economy, and with the free market economy come competition. However, sometimes giving the government too much power and control can lead to communism. This is exactly what happened to Germany and several other countries.
Many times, an individual will take advantage of the failing economy of a country and become a dictator, as Hitler did.
Finally, capitalistic economies are more desirable than socialistic economies because capitalistic countries are usually more technologically advanced and have better systems of education. However, if a country is stuck in a never ending, never changing cycle of government based decisions, change and development will occur much slower, making life more primitive compared to the developing and advancing countries around them.
In conclusion, both capitalism and socialism have their high and low points, but in the end, capitalism is by far the better way to run an economy. It is impossible to not notice that some of the most powerful countries in the world have capitalistic economies and that through this they thrive and prosper. Capitalism is a better economic system because it allows individuals to make their own decisions and to do well because they are self-motivated, it limits the power that a government has, and it helps the country become more technologically advanced and better educated.
It is through all these things that a country becomes successful in trade and business, which leads to more money, more scientific and medical discoveries, and overall, a better quality of living for its people. If one works hard enough, they can be anything they want to be and do anything they want to do.
Socialism Keeps the Economy Stable. Points of View Reference Center. Guide to Critical Analysis. Capitalism is Still the Best Economic Alternative. Kramnick, Isaac, and Frederick M Watkins. Works Cited Goodwin, Chuck. You can find out first hand what it's like to be me! Which of your works would you like to tell your friends about?
These links will automatically appear in your email. If you have a suggestion about this website or are experiencing a problem with it, or if you need to report abuse on the site, please let us know. We try to make TeenInk. Please note that while we value your input, we cannot respond to every message. Also, if you have a comment about a particular piece of work on this website, please go to the page where that work is displayed and post a comment on it. Don't have an account?
Sign up for one. Wrong email address or password! Summer Program Reviews College Reviews. No ideal can become reality unless is has been embraced by the group. In the case of Capitalism, the labor force believes that education, hard work, patience and connections can lead to prestige and wealth for everyone. Any negative issues that arise from the combination of human nature and competition are simply a small price to pay for the immense opportunities offered by the system.
Socialism expects just the opposite from its workers. Socialists believe that the natural human need to care for each other is built into the concepts of collective control. They feel that the workers will accept and embrace the loss of control to governmental authority as an exchange for the betterment of society.
For these two methods, the freedom or control of the worker is what makes their policies successful. The level of social care is also defined by these different views. Socialists build every part of their system around the needs of the people. Socialistic governments have high tax rates, so as to pay for the social programs, such as medical care.
Programs are funded by government transfer of wealth. The competitive drive of the Capitalist demands that each person choose to work hard for what they need. The scale of individual wealth versus care through the collective continues to tip back and forth in political elections. Capitalism and Socialism are both driven by strong ideals. One looks to competitive economics to allow the worker to provide for himself and achieve any level of success.
The other believes the willingness to relinquish wealth and prestige, for the good of the many, will result in a strong economy and society. History shows us that the internal struggle between the self and the group will continue to manifest itself in this way.
Free socialism papers, essays, and research papers. Comparing Conservatism and Socialism - The two ideological principles that I will be discussing in this essay are Conservatism and the Socialist .
ADVERTISEMENTS: Socialism Essay: Essay on Socialism and it’s Main Characteristics! According to the Oxford Dictionary of Sociology (), ‘an economic and political system based on collective or state ownership of the means of production and distribution is known as socialism’. This approach has its roots in the writings of Karl Marx and Friedrich Engels.
Socialism is the antithesis of individualism, which gave birth, to the capitalistic system of society. Socialism came as a countering force against the injustice and incompetence of capitalism, which involved exploitation of peasants and workers by those who own the instruments of production. The. Socialism - Socialism - The Best Economic System. Essay on Comparing Conservatism and Socialism - The two ideological principles that I will be discussing in this essay are Conservatism and the Socialist .
Free Essays from Bartleby | the country. Some of the economic systems are capitalism, communism and socialism. Capitalism is the system under which the means. Socialism The definition of socialism is-a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.