There are many different economic systems that reside in someway throughout the world today like capitalism and socialism. Here in the United States, we live in a mixed economy one in which private enterprise and governmental participation coexist. Currently Americans lives are centered on the individual, according to Adam Smith. At the same time, the government controls many aspects of Americans lives. In order to decide which economic system I sided with, I realized I must understand what each system stands for. Socialism is the belief that wealth should be distributed equally among people.
Although this sounds like a great way for all people to be wealthy, I have a problem with their not being a reward for those who work hard and have an outstanding imagination. Socialism rejects private ownership and competition for profit. I think these are things that individuals need to make themselves more productive in the business world today. I believe that competition for profit helps an individual to strive for greater personal achievements.
On the other hand, I like the fact that socialism emphasizes cooperation and social responsibility. Capitalism is just the opposite: it is centered more around the people and their accomplishments. It is based on private ownership, where as socialism dismisses it. Capitalism allows people to work to produce their own economic value. I believe that people should be rewarded for their hard work, and socialism doesnt allow much room to do so.
The Term Paper on The Economic Institutions of Capitalism
... monopoly. URL: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1496720 The Economic System of Socialism Socialism—defined as a centrally ... economic and moral defects of capitalism, it has far surpassed capitalism in both economic ... thanks to globalization. A country’s people are best served through international ... predictions about the organization of work. Efficient labor organization is ...
Capitalism, or the free enterprise system, lets individuals set up and run their own businesses. It was noted that the United States depends on the energy and drive of thousands of individual capitalists. After this bit of research, I would have to agree with both Paul Johnson and Adam Smith. Johnson said capitalism provides the best economic structure and Smith was the one to say that in making everyone wealthy, the country will become wealthy too.
I completely agree that each individual is entitled to his or her own free property and free will, which is granted by capitalism. I wish we could live in a capitalist economy with a socialist medicine system. I dont think its fair that just because one person has more money than another, they have a better chance to receive medical help. The thought of a child getting turned away from a surgery that could save their life because they are poor breaks my heart.
So, if there was a way to combine the medical ways in socialism with the profitable ways of capitalism I think there could be a very strong economy.
