Economic Systems That Can Benefit Society Essay example

Economic Systems That Can Benefit Society Essay example

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Theoretically, there are many different types of practical economic systems that can benefit society. One of the main economic systems is socialism. There are several branches of socialism including, the political theory of communism. Communism is a way of running the government using the socialist way of thinking. But, communism is very hard to implement and maintain. In a functioning communist society, all the citizens of this society would all be on the same level and would be paid equally according to their job and needs. On the other side of the spectrum, there is the capitalist society, where the citizens get what they earn and everyone takes care of themselves. In today’s societies around the world, there is no true capitalist, nor socialist economic system. Both systems have their pros and cons, but are not entirely practical until they are used in a combination with each other to make the society that is commonly seen today.

In a socialist society, communism is when the state owns virtually everything. Essentially, “Communism shuns private/individual ownership of land or any vital resources.” As this being owned by the state, all land, resources, goods, and services can be spread among the society equally because it is owned by everyone. “Communism refers to the banishment of all the differences from the society, and people sharing all things equally and with equal status. The ideal of communism was that there shouldn 't be any kind of exploitation or social inequality, like women being dominated by men, racial discrimination, or class exploitation.” This can benefit the communist society in many ways such as: free health care, free schooling, and equal wages. Health care is a big concern among low income populations an...


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...government programs, paying for other people as they get sick and the poor who cannot afford to pay for themselves. Canada is a better example of this as they have free healthcare but an even greater example would be the Communist country of China. In China, the government introduced many social benefits, such as childcare, unemployment insurance, communal pension funds and universal health care. This all due to the restrictions of economic freedoms that the Chinese population is forced to deal with. While the Americans save money through low taxes but choose if they want to help others they would like to, the Chinese pay higher taxes, losing their own self-profit but helping the entire community as a whole, whether they would like to or not. While the capitalist way allows people the freedom of choice, the socialist way demands it whether the people want it or not.

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