Socialism - The Best Economic System

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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. Market economies, as a whole, inherently and inevitably lead to poverty and a large class disparity. In a capitalist society, the ones who supply labor, the ones who work the hardest, are the ones who are paid the least. The owners, who are already rich, receive most of the profit and accumulate large masses of wealth. “Under capitalism workers receive only a small fraction of the wealth that they alone produce, while the lion’s share goes to the capitalist owners and to the bankers, landlords, insurance companies, lawyers, politicians, and all the other parasites who live off the back of labor and perform no useful work.” (SLP). Thus laborers are paid much less than the value of the labor that they contribute. As Karl Marx said, this is stealing, or exploitation of labor. The wages for... ... middle of paper ... ...ll being and freedom of the people, socialism is the best economic system available. When considering the well being of all citizens, socialism is the best economic system. Command economies do not work, market economies only provide for the needs of a small elite group of people, and traditional economies are impossible in a world of this size. While there are certainly arguments against socialism, the arguments for it outweigh. Socialism is better because it allows for the government to provide for the basic needs of all citizens—this is impossible in a market economy, and outweighed by the negative aspects of a command economy. In time of great national economic and political turmoil, it is important that a consensus be made as to the best economic system for the U.S. and the rest of the world. In my opinion, this best system is socialism.

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