Economic Systems That Can Benefit Society Essay example

Economic Systems That Can Benefit Society Essay example

Length: 1365 words (3.9 double-spaced pages)

Rating: Strong Essays

Open Document

Essay Preview

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...

... middle of paper ...

...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.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Explain and Evaluate Functionalist, Marxist and Interactionist theories of Society.

- In this essay I will be covering Marxist, Interactionist and Functionalist theories of society. I will be examining their strengths and weaknesses. Using the three social theories, the macro approach of Marx that is used to analyse society from a class conflict view between the proletariat and the bourgeoisie, the macro approach that Durkheim used when analysing social systems and populations on a large scale and who’s theory views individual’s issues as reflective of wider social patterns and the micro approach of George Mead who focused on small scale social interaction and who’s theory interprets the behaviour of individuals as significant and a way to interpret how the world is socially...   [tags: society, economic systems, Durkeim]

Strong Essays
1267 words (3.6 pages)

Implementation Of New Economic Systems Essay

- Implementing new economic systems is a tough job and it doesn’t guarantee success in the industry, but there are some countries who have created economic systems from benefitting and exploiting other countries around the world. This tremendously pushed greater economies towards all new and effective economic methods, while others suffer from the decisions. Some countries have an extensive economic history in the world. An interesting era to discuss these countries during the Post-Colonial era, an area that, in my opinion, gave birth to the economic systems we see today in Europe....   [tags: Colonialism, Europe, Edward Said]

Strong Essays
872 words (2.5 pages)

Essay on Economic Systems: Communism

- Throughout history the world has experienced several types of socio-economies, from Mussolini’s fascism to Mao’s communism. All of those economies have its weaknesses and strengths and most have countries that can validate its effectiveness. However, to decide which economy is truly better for society, there has to be criteria on which to judge the economy’s effectiveness. So what is a society. In essence, it is a network of bonds we as human beings forged under the assumption, that working together we can all be happier than if we were only looking out for ourselves....   [tags: fascism, mussolini, mao]

Strong Essays
1999 words (5.7 pages)

A Mixed Economic System Would Benefit the United Kingdom Essay

- A Mixed Economic System Would Benefit the United Kingdom Two main economic systems have been developed since the Industrial Revolution, these are Capitalism and Socialism. Both systems have advantages and disadvantages, this essay will explain these, and also give my proposals for a mixed system for the whole society of the United Kingdom. Capitalism Capitalism generally started as an economic system in the United Kingdom at the time of the Industrial Revolution. The basic explanation of Capitalism would be to say that 'the economy is left to its own devices with no Government intervention'....   [tags: BTEC Business Marketing GCSE Coursework]

Strong Essays
1256 words (3.6 pages)

Economic Systems: Capitalism Essay

- Capitalism Capitalism is an economic system where people and private businesses are able to control their own trade and means of production for profit. It emerged as technology, production and trade began to increase. During the industrial revolution, capitalism started to influence people more. Some characteristics of capitalism are capital accumulation, competitive markets and wage labor. The government isn’t supposed to interfere with trade. Individual markets raise or lower their prices due to competition and demand for goods....   [tags: trade, production, technology]

Strong Essays
1104 words (3.2 pages)

The Cost-Benefit Analysis of Solar Energy Essay

- In recent decades, much debate has ensued about the vast amount of natural resources and ecological services society depletes. Moreover, the debate has evaluated how society depletes these natural resources at a faster rate than the environment can replenish. It also assesses how society can mitigate these environmental issues in order to preserve our natural resources for the prosperity of future generations. Research suggests that the natural resources we currently use, such as coal and petroleum, could be fully depleted within the next 25 and 100 years respectively (Byrd, 2012)....   [tags: alternative energy, environment, pollution]

Strong Essays
3672 words (10.5 pages)

Economy Is An Economic System Essay examples

- 2 My understanding of a market economy is where decisions are based on supply and demand, in regards to any investment, any production, and distribution of funds; it is where the prices of goods and services are determined. The activity in a market economy is unplanned; it is not organized by any central authority and is determined by the supply and demand of goods and services. Alternatively, a command economy is organized by government officials who also own and direct the factors of production....   [tags: Capitalism, Economics, Free market]

Strong Essays
1509 words (4.3 pages)

Why the Neo-Liberal Economic System Must Change and How to Solve it Essay

- In a capitalistic globalized society that we live in today, there is a large gap between those who have and those who have not. This can pertain to resources, political stability and wealth. The capitalistic or neo-liberalistic system that our society practices allows our society to have a free trade market; where competition is supposed to produce equal opportunity for both the rich and the poor (which is obviously not the case), letting corporations pursue whatever economic advantage they seek to gain without government interference, and the emphasis on individual responsibility rather than the concept of public goods and community....   [tags: Capitalistic Globalized Society, Resources, Wealth]

Strong Essays
1311 words (3.7 pages)

Contrasting Friedman and Lindblom on Economic Systems Essay

- ... There are voices of the people that call for the privilege of political equality that we are supposed to be guaranteed as citizens of a democratic state. They yell loud enough to be heard and to have support but rarely have the financial backing that has become increasingly necessary to make a difference. This political equality is key to a democratic state and the looming knowledge that it is not present shows that we may well be living in a state run by oligarchs. The power and wealth that they have accumulated is so substantial that the vote guaranteed to each American becomes a symbol of the freedom this country once knew but has lost....   [tags: global markets and the economy]

Strong Essays
1124 words (3.2 pages)

Essay on The Economic Side Of Tpp

- Despite the fact that many critics focus on the economic side of TPP, two sociological theories can be applied to analyze how the approval of TPP would lead to social problems. First of all, TPP will be enforced by the governments of the signatory nations, and will yield enormous changes to the economy of the countries. Thus, Structural Functionalism can be used to study the nature of the problem by focusing on those two major social institutions. Also, as trade and alliance usually involve frictions between nations due to the difference in the core values, social systems, and cultures....   [tags: Sociology, Social sciences, Economics, Economy]

Strong Essays
1145 words (3.3 pages)