Difference Between Socialism And Capitalism

Within a capitalist society, the economy runs through private companies owned by individuals. Decisions over the use of production are made by the owner of said company. Citizens and corporations are free to decide how they spend their money. They are able to reserve it, donate it to charity, or buy products, services or property. This freedom of wealth is caused the free market. The free market is all those things that money can purchase, and the persons can act freely related to whether they want to buy it or what they will buy. Inside a socialist society, no individual should the privilege of privately owning land, money, or industry. Instead the whole community would have collective ownership of land, goods and production. The intentions

Capitalism debate are about financial equality and the role of government. Socialists believes that it is the government’s duty to decrease economic inequality via programs that improvement the poor, such as free public schooling, free healthcare, social safety for the elderly, higher taxes on the wealthy. However, capitalists believe that the federal government does not use economic resources as efficiently as private organizations do, and as a result society is better off with the free market deciding upon economic wealth. Capitalism dwells on economic freedom due it giving an individual the full ability to buy or sell with little to no interference from the government. Socialism being the opposite of Capitalism, gives no freedom to use their wealth freely. It would be controlled and maintained by the government, purpose being to provide financial equality to everyone. This however causes problems for production. Economic freedom allows citizens to buy and sells goods which gave birth to the laws of supply and demand. This freedom allows demand for products and services to come to surface, as the people wanting these things have their rights to buy what they want. With this in mind, companies or other individuals create these goods and services the people require. This increases the wealth of company or merchant allowing them increase or improve the production in quality and rate. This will later cause advancements in goods

If everyone’s goal increases their own wealth then the country’s economy will prosper as supply and demand will always increase employment, maintain the strength of the work force, and advance goods and services. Unlike socialism, that leads deterioration of the work force, economy and production. A socialist believes the willingness to relinquish wealth and status, for the benefit of the many, will result in a strong economic system and society, which is false. This is because if one work gets no more wealth or status than the other, there is drive to improve his or hers services. If a socialist society demands social equality, there will be no room for improvement. As there is no will to volunteer in the work force, the economy can never grow and just like communism, will only lead to economic