Roles Of Capitalism And Socialism In The United States

Directly or indirectly, capitalism and socialism affect the country they are implemented in by playing a critical role within the day to day works of everyday lives. However, capitalism and socialism are two extremely different forms of social organization, each having many pros and cons. One form (capitalism) allows individuals to work for themselves and gain whatever they profit, “capitalists believe that the government does not use economic resources as efficiently as private enterprises do, and therefore society is better off with the free market determining economic winners and losers”, (unknown, diffen.com). The other form (socialism) is focused on sharing people’s wealth for the better of society, allowing everyone to have a fair shot

Should someone who works harder be given more money, benefits, ext.? “The main goal [of socialism] is to dispel class distinctions by turning over control of industry to the state” (Alia Hoyt), meaning the competition between the wealthy minority and working class is no more and everyone is put on a level playing field. On the other hand, capitalism is focused more on “private ownership, free enterprise, and the right to earn profits” (The Twentieth Century Viewpoints). It is all about working hard for what you want and receiving what you deserve, but it doesn't take into consideration the mental illnesses, physical disabilities or hardships people have faced or are currently facing during their lives. Whereas socialism pays close attention to the economic and personal difficulties people may endure during their lives, and equally supports individuals; giving them a chance at a better

Socialism consists of the government gaining full authority over goods management and profits, resulting in shared earnings among society. As stated on howstuffworks.com, “government controls all means of production and distribution of goods”, (Alia Hoyt). Contrary to the positive aspects of socialism, like shared earnings and social security, a drawback is that it can easily hinder ambition, because no matter how hard you work or how much you make, you may not get any further ahead. However, capitalism lets individuals have full control over their earnings instead of the government and also allows them to prosper at their strong suits, being able to make a well deserved living. This is the reason behind why many people believe, “it is the only moral and just social system”, (C. Bradley