Capitalism VS Socialism

A detailed Summary of Capitalism VS Socialism


Capitalism is an economic system where private individuals and business firms carry on the production and exchange of goods and services through an intricate system of prices and markets. Capitalism shows that it is possible to pursue private gain in ways that would benefit not just the interests of the individual but also those of society as a whole. Society's interests are met by maximum production of the things that people want. The grouping of self-interest, private property, and competition among sellers in markets will lead producers "as by an invisible hand" to an end that they did not intend, namely, the well being of society. In a capitalistic economic system, the basic production facilities - land and capital- are privately owned. The economic activity is structured and coordinated through the interaction of buyers and sellers in markets. Owners of land and capital as well as the workers they employ are free to pursue their own self-interests in seeking maximum gain from the use of their resources and labor in production. Consumers are free to spend their revenues in ways that they believe will yield maximum satisfaction. Under


capitalism, producers will be forced by competition to use their resources in ways that will best satisfy the wants of consumers. Self-interest and the pursuit of gain lead them to do this. Under this system a minimum of government supervision is required; if competition is present, economic activity will be self-determining. Government will be necessary only to protect society from foreign attack, uphold the rights of private property, and guarantee contracts.

Capitalism had many human costs. Because of self-interest and the desire to make as much profits as possible abusive child labor, long working hours, and dangerous and unhealthy workplaces were common. The predisposition toward corporate control of manufacturing led to many attempts to create monopolies that could control an entire industry. Despite such difficulties, capitalism continued to expand and prosper almost without limit throughout the 19th century. It was successful because it demonstrated an enormous ability to create new wealth and to raise the real standard of living for nearly everyone touched by it. As the century closed, capitalism was the dominant economic and s

Some common words found in the essay are:
, economic social, economic system, control production, economic activity, private property, sellers markets,

Approximate Word count = 773
Approximate Pages = 3 (250 words per page double spaced)

Category: Politics

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