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For many years the United States as looked upon communism as an evil and must not spread to other countries. The Cold War is a perfect example of this; we spent 40 years in terror due to this way of thinking. Now we understand that communism is not an evil just another way of organizing a country. Capitalism and Communism has its own ideas on how a government should run, whether it’s through advancement of people
According to Minsky capitalism is not just the market economy, but it is also a financial economy (1). Minsky states that there are two sets of prices, first is the prices of current output, and second consist of the prices of assets (1). Capitalism is an economic system characterized by freedom of the market (essay.com 1). Capitalism is different from many other economic ideas by the fact that capitalism gives individuals freedoms with minimal government interference. In a market capitalist system, capital and land are private property (Haramis 1). From this enterprises can be formed by individuals by attaining land and equipment. An enterprise organizes and directs production. The United States is known as a post-industrials economy, this means that the United States is a service economy. There has been several different types’ capitalism that has influenced the world. First was Adam Smith’s idea about capitalism, which is proprietary capitalism. During this era of capitalism there were few corporations and probably none as we know them in our times (Haramis 1). The second form of capitalism is the progressive capitalist economy. In this form of capitalism, investment outputs are part of the current output (Minsky 2). Although capitalism has been through several changes throughout the years the capitalistic economy system has been the most influential economical as well as political system.
Like capitalism communism also has many benefits for its people. First everyone has a job and is treated the same. Communism can be defined as an economic and political system in which facts of production are collectively owned and directed by the state (essay.com 1).
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Regarding capitalism, communist believe that capitalism is progressively herding the dispossessed into the constrictive gloried work camp called suburbia (Morton 1). But on the other hand capitalists would prefer to live in this society. To live in a community with your riches with a family by your side is the ideal situation a capitalist would want. “There are so many more advantages for being a capitalist than being a communist including better working conditions and more freedom” (essay.com 1). According to Morton supply and demand is a ruthless and unpredictable master (1). Morton explains that capitalism exploits the workers and shows that some people are better than them due to their jobs (2).
The articles by Lang, Haramis, Minsky, and Morton show that there is no right answer for everyone but it is up to the individual to determine what he or she would prefer to live in. But, everyone now knows that communism as not future due to it is doomed to fail. The society that we live in will always want to have an opportunity to advance, thus the failure of communism. Our society can compromise though, this can happen by the United States try to have everyone have a job. If the individual would prefer to live in a society that treats everyone the same and everyone is paid the same and has a job then communism would perfect for that individual. On the other hand if that same individual desires to live in a society where you strive to be better than the other person and have more freedoms and live a more materialistic society then capitalism is system to live in. When comparing these variables together we see that it is up to the individual to decide whether to live in a capitalistic or communistic society.