Capitalism Is Better Than Socialism

Different countries have different economic systems. Some practice socialism while others are capitalists. These two are not the only systems but are among the most common and widely used. Countries such as Germany, Japan and the United States of America are capitalist, whereas others like China, Cuba and North Korea are Socialist countries. There are constant debates as to which system is the superior one but any can win depending on the perspective taken. Some could argue that capitalism is better than socialism because it spurs economic growth but others will support socialism pointing to the fact the redistributing resources reduces the levels of poverty. The two economic systems are applicable in different parts of the world depending

Since property is state owned, all individuals are at the same level because no one controls the means of production. In this case, no one controls the economy but instead people work in harmony and are paid according to their contribution. The satisfaction created by equity encourages harmony and reduces crime as envy and greed are curtailed. The government or the state controls the main means of production. Some socialism models control the means of production through worker cooperatives. Wealth does not belong to a specific individual, but rather to the society as a whole. Nevertheless personal property is also considered when talking in terms of clothing, housing and such personal items. Resources are better utilized because everyone in the society has the right to state owned wealth, as opposed to individualistic ownership. It stipulates that private businesses be owned by private individuals. Here, wealth is privately owned by individuals who have acquired it by whatever means. Regardless of how vast the amounts of wealth someone has, they can still accumulate more infinitely. There are no restrictions as to how much one can have at any one time. A country with a few extremely rich individuals and millions of poverty stricken in the same society is inhumane and inconsiderate of its