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Capitalism or Socialism

Essay by   •  January 1, 2012  •  Essay  •  387 Words (2 Pages)  •  1,601 Views

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Capitalism or Socialism?

Two of the most common economic systems are capitalism and socialism. Capitalism is based on competition. Sellers compete against each other every day to sell their products to buyers to make money. On the other hand, in socialism, the public owns their own factory, but the government makes their economic decisions. Based on this information, I think capitalism is better than socialism.

Capitalism and socialism are both economic systems. They are both supported by the government. This means that the government helps them in anything they want. These two systems are tied in with capital, which is money. Capitalism and socialism are also a part of the people's social status. Another similarity that these systems have in common is that they pretend to be something they are not. If capitalism really didn't want the government to interfere with them, then they must be hiding something. If socialism does want the government to help, then that must mean that they need help in order to survive. They also have a conflict in between them which is that they think the other system is overrated.

Capitalism and socialism also have some differences. One of them is that capitalism is when you want to be at the top of everyone else. You will do whatever you have to do to be at the top. Socialism has to do with everyone being equal, although no one has any individuality. Adam Smith, who wrote The Wealth of Nations, stated that the purpose for capitalism was to satisfy the costumers who bought the product. Friederich Engels and Karl Marx wrote the Communist Manifesto. In this writing, they both stated that socialism is better than capitalism because it will eliminate all the competition there is around everyone. It can take the hard labor out of the factory workers

After considering both systems, based on what is said, my perspective is that capitalism is better. It's better, overall, because you have to work for what you want. It may mean that not all of us will be successful, but that is how life works. People would rather be at the bottom of the pyramid than have no individuality. It also depends on the person, but what person would choose to be nobody when you can be somebody in the world.

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