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role of government in the economy
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capitalism and socialism comparison
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A Capitalist Economy vs Socialist Economy
There are a variety of economic systems today, which can influence how
prosperous we will be as individuals or as a group. Socialism is an
economic system where the government will be greatly involved in the
economy. In a socialist economy the government can control many
industries, provide public institutions such as health care and
education, and equalize incomes of the population. A socialist
economy is one of low unemployment and stability, where the government
sets production quotas and price regulation upon their perception of
the needs of the economy. On the other hand, a capitalistic economy
is an economic system where there is a very limited amount of
government involvement. The capitalistic economy is based on the
demand of consumers and the supply of producers.
There is a great advantage of living in a nation where there is a low
amount of government intervention in the economy, because government
intervention reduces the freedom of markets, causes a slow growing
economy, and exploits the consumers in the economy.
Firstly, high government intervention reduces the freedom of the
markets. When the government controls an economy, the population is
taxed in order to fund national programs. Taxing the consumers of the
economy will reduce the personal spending, therefore causing the
economy to grow in areas of public service such as education and
health care instead of technology and fashion. Furthermore, the
industries in a social economy are directed by quotas, which is
production targets set by the government. The quotas don’t often
represent the need in the economy, therefore causing a surplus or a
deficit of products, which leads to small profits....
... middle of paper ...
...ions placed on
industries in a social economy will affect the price, variety, and
quality of products produced in their economy.
In conclusion, there is a great advantage of living in a nation where
there is a low amount of government intervention in the economy,
because government intervention reduces the freedom of markets, causes
a slow growing economy, and exploits the consumers in the economy.
Capitalism provides a marketplace where industries compete in order
attract more consumers, therefore providing more efficient,
qualitative and plenty of variety for consumers. This efficiency,
quality, and variety will help the economy grow in whatever way it
wants to, making capitalism the most flexible economic systems. The
nature of human beings is, one is satisfied, when he/she has provided
the necessities for himself first, then the people around him.
A Comparison of Communism versus Capitalism Communism versus Capitalism is a debate that has raged on for over two centuries. Whether to allow everyone equal opportunities and to do with those opportunities as they please or to mandate class equality in order to keep peace has in itself been the cause of war. Karl Marx and Friedrich Engels saw the working class of the world—the proletariat—being squashed by the greedy business owners—the bourgeoisie. In their view, the bourgeoisie owned too much and the proletariat had no chance to make their own fortunes. In Marx and Engels Communist Manifesto, they propose doing away with private property, nationality, and even countries in order to take power away from the bourgeoisie.
The Communist Manifesto was published in 1848, a period of political turmoil in Europe. Its meaning in today’s capitalistic world is a very controversial issue. Some people, such as the American government, consider socialism taboo and thus disregard the manifesto. They believe that capitalism, and the world itself, has changed greatly from the one Marx was describing in the Manifesto and, therefore, that Marx’s ideas cannot be used to comprehend today’s economy. Others find that the Manifesto highlights issues that are still problematic today. Marx’s predicative notions in the Communist Manifesto are the key to understanding modern day capitalism.
Capitalism, by definition is known as “a way of organizing an economy so hat the things that are used to make and transport products are owned by individual people and companies rather than by the government”(Marxism). To some, this is the correct way of handling the economic situation in one’s country. But to others, such as Karl Marx and Adam Smith, there are other systems that would be more adequate. Is capitalism really the best way to go? What are the other options that could be better than capitalism? We must see which would be the best for society. If one were to negatively affect it, then it is not an option that should be taken. So, we must see the pros and cons for capitalism and how it can affect the economy and our society.
The Marxist/ Economic lens serves to promote economic change such as overcoming capitalism and those with the power of wealth as well as incorporating the roles of money, politics, and power in literature. It emphasizes that literary works are a product of the economic and social conditions of either its time or the time the story is set to where it has been utilized most on books and drama where the influences of the time period remain much more prevalent (Brizee). Used to portray ways of how certain forces chose to allocate power between groups, the lens incorporates class conflicts as well as the preference of materialism over spirituality (DiYanni 2173). In Tim O’ Brien’s The Things They Carried, The Marxist/Economic lens gives insight into class differences in American society and economic powers of the Vietnam War relating to the struggles of the young soldiers had to face firsthand before, during, and even after the war.
Both socialism and democratic socialism overlap and interact with a few different ideologies. The most notable are the intersection between democratic socialism and liberalism. Both liberals and social democrats advocate for a relatively large welfare state, in order to take care of the poor and offer a social safety net. Both ideologies also believe in a sort of collective responsibility to society. They believe the purpose of people is greater than just the individual. Socialism and Liberalism also both see flaws in capitalism and have strategies to address them. Whether it’s replacing them or preventing the downsides.
The allocation of scarce resources to people’s unlimited wants is a vital aspect of life which affects both welfare and fairness, and just how much each person gets depends on the economic system in place. In this essay I aim to argue in favour of regulated capitalism and show that it is in fact efficient, fair and practicable. In doing this, I will start by looking at the extreme cases that economic systems can take on and how these prove to have short comings. On one end of the spectrum we look firstly at pure capitalism and on the other end, pure socialism. I then go on to look at the consequences of these systems to identify the morally correct one based on the consequences that the economic system brings about. I will then end off by examining the best system, regulated capitalism, which refers to a system which acknowledges the flaws of pure capitalism and rectifies them by including socialist aspects to the system.
Poverty is everywhere and no matter how hard our government tries to eliminate it, it simply cannot. To do so it must first reformat itself so that it may do its job in a more efficient manor, thus helping all aspects of life. Converting our current system into a capitalistic government would in fact help alleviate the current situation.
Capitalism and democracy are the aim of almost the whole world with only several exceptions like Cuba, Iraq, North Korea and Myanmar. It is reasonable why states aspire to achieve both capitalism and democracy. Capitalist concepts have resulted in more increase of social welfare than any other economic system. Likewise, democracy has enabled billions of people to enjoy that welfare by giving them more freedom (Audretsch, 2000).
Today, more than ever, there is great debate over politics and which economic system works the best. How needs and wants should be allocated, and who should do the allocating, is one of the most highly debated topics in our current society. Be it communist dictators defending a command economy, free market conservatives defending a market economy, or European liberals defending socialism, everyone has an opinion. While all systems have flaws and merits, it must be decided which system is the best for all citizens. When looking at both the financial well being of all citizens, it is clear that market economies fall short on ensuring that the basic needs of all citizens are met. If one looks at liberty and individual freedom, it is evident that command economies tend to oppress their citizens. Therefore, socialism, which allows for basic needs to be met and personal freedoms to be upheld, is the best economic system for all of a country’s citizens.
“Socialism.” Wikipedia, The Free Encyclopedia. 30 Jan. 2012. Wikimedia Foundation, Inc. 2 Feb. 2012. .
All for one or one for all? That is the question that’s really being asked when comparing capitalism and socialism. In a capitalist economy, such as America, the money earned by an individual is for said individual and belongs to them. However, in a socialist economy, such as Italy, the money earned by a person is for the country and is redistributed among the people equally. One major difference is the role that the government plays in each economy. Capitalism and Socialism are practically opposites and the way their governments work are pretty much opposite of each other as well. A capitalist government is only supposed to assist where needed and allows the people free enterprise. A socialist government is reversed; the government provides for the people, like paying for insurance and hospital visits, but takes away the opportunity of personal financial gain.
There is a long-running debate about whether communism or capitalism is preferable and shows more of beneficial aspects. Capitalism is defined as an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations. While communism is a system of social organization in which all economic and social activity is controlled by the state. The principle of capitalism is if one is successful and hardworking will keep improve and progress in life. While the principle of communism is to keep all the people the same, a lot of people may say that this is a good thing but when talking about real life this would add laziness and demotivation because hardworking people would gain the same credit as lazy people. Capitalism and communism are the two main economic systems that are used by governments nowadays. Obviously capitalism is a much better economic system to be used by a state; practical uses and statistical facts qualify capitalism as much more successful. Also, capitalism is more beneficial to the state, common citizens, and business owners. It would be very useful to test the two systems according to practical uses of the two systems on states and monitor which states succeeded and which states failed.
Capitalism does not work as a system without the existence of oppressing and oppressed groups. Since its nascence in the United States, the oppressed group has consisted of Blacks — then with slavery and now with the mask of a democratic and egalitarian government that keeps the oppressed in a stagnated position. The penal system in the United States is an example of the way in which capitalism represses a specific group in order to make a profit. The deep-seated feeling of inferiority blacks have felt since the 19th century with slavery is still present in the minds of Blacks in the modern day not because they are enslaved in the traditional sense, but because they still walk around with the threat of being under constant surveillance. The idea of constantly being watched is a product of capitalism and the prison system; capitalism creates the oppressed and prison serves as a constant reminder of what could happen if the vigilant eyes were to catch them doing anything they should not be doing. Capitalism creates the oppressed by way of institutions everyone finds themselves in from birth, but that happen to work to the disadvantage of Black progress. By repressing Blacks in such a way, the minority group that profits the most from capitalism and holds most of the power over American citizens can continue to make a profit uninterruptedly while Blacks are left struggling to find a way to make a living without facing any severe repercussions.
Capitalism at first seems like a beneficial idea that can help to support and drive a society, but upon further inspection, there is a great deal of instability in a Capitalistic society. One of the main outcomes of capitalism is greed. Throughout the recession the rich upper class continued to become astoundingly richer, while the poor lower class became persistently poorer. Moreover, a capitalistic system finds a way to make a profit from anything or from anyone. Alienating workers turning them against each other to focus on the common goal: profit. This is an example of how capitalism estranges employees in the workforce. In this type of capitalistic system employees are forced to compete with one another, therefore, alienating themselves from each other. Which can lead to a feeling of isolation and depression. For example, Carl was a successful business man that served the capitalistic hegemonic society, however, mentally and emotionally the work that he was doing was unfulfilling. Carl said that he would always make decisions based on what he was expected to do; based on what society anticipated of him; this is an example of hegemonic masculinity in everyday life. Eventually, Carl divorced his wife, his kids moved out, and he no longer worked for a successful company. In a capitalist society how does one overcome such alienation? Carl believes the answer lies in mindfulness and self-meditation. Carl argued that an individual should not serve work; should not serve capitalism, but rather that work should serve the individual. He encourages individuals to follow their passion and even to try and monetize their passion, however not all people have a passion that is capable of being monetized. He also argues that individuals shou...
Because of our control over population, our nation has given us the best of both worlds. We can not even imagine how life would be anywhere else; maybe it would be like living on the streets, or even in a gutter.