Capitalism vs Socialism

A detailed Summary of Capitalism vs Socialism


Since the Industrial Revolution, two main economic systems have developed; these are capitalism and socialism. Both of these systems have its advantages and disadvantages. Adam Smith, known as the father of capitalism, bases capitalism on three main points: wealth, competition, freedom of enterprise, and profit motive. A basic explanation of capitalism would be an economy in which the people are free to engage in any type of business; the government doesn't have any control over the people's destiny. Socialism, on the other hand, is almost the complete opposite. Socialism is an idealistic theory of a planned economy in which the government owns all resources and the wealth is divided up equally. They plan the amount of goods to be produced and determine how it should be distributed.

Both socialism and capitalism have many ad


Socialism, on the other hand, was introduced in the early 1800's and was initially intended to end the inequality cased by capitalism. In theory, socialism is designed to help the people and has a great amount of advantages. But in reality, it causes nothing but oppression and denies the rights and freedoms of society. In any type of society and economy there has to be a hierarchy. That alone contradicts the whole theory. Having a hierarchy creates and upper class, hence, everyone isn't equal. Also, the goods that the society produces would be of poor quality because there is no reward for making the products better than others; there is no competition. In a socialist economy, a doctor with his degree would be rewarded in the same way as gas station attendant. In reality, socialism could never work. Due to the nature of human beings to be competitive and hav

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Approximate Word count = 587
Approximate Pages = 2 (250 words per page double spaced)

Category: History

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