Economic Systems Between 1750 And 1914

Economic Systems The economic systems of socialism and capitalism first came around in the 1750 and 1914 throughout the industrial revolution and they’re still present within today society. These systems were established in Europe as a result of the industrial revolution. The industrial revolution marked the change of production throughout the world; cities became urbanized, and began to neglect periods of agricultural farming, and factories being the main source of income. And because of this there was significant changes in politics and in the economy. Socialism and capitalism has become superior economic system influencing the history of the world, and influencing policy decisions throughout the time. Adam Smith was a philosopher who

Socialism wasnt really able to tackle the wrongs of industrialization. According to Winston Churchill, “ the inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.” he believed that being forced to share your earnings was equivalent to misery due to the fact that people who worked hard were given the same pay as those who didn't even work half of what they did. Socialism stunted economic growth; a strong economic growth is the major production of numerous jobs, tax revenue and a better standard of living for everyone, including the poor and middle class. A major downside of socialism is that it strangles economic growth in society by penalizing success and rewarding failure. And as a consequence it may result into a never ending cycle. The more people who are in need the more the rich would have to suffer, making wealth being concentrated amongst a selective few. It has been reported that socialism creates division. Not everyone is willing to give up their wealth so the government often labels them as terrible human beings who deserve to be punished. The government also create a society victim, poor, this often result in tension within the social classes. my belief that socialism doesn't promote equality but cause

The government owns and carry out the means of production and distribution of goods. As a result of socialism the inequality which many were forced to endure was disregarded. Capitalism may surely cause monopolization and oligarchies, and that the system's use of resources is unsustainable. According to Marx capitalism centers profits and wealth in the hands of the few who use the labor of others to gain wealth. Communism, however, is the economic system that enables a single authoritarian party controls the means of production. Under a communist regime, there is no private property, and goods are available to all and distributed equally amongst all citizens. This would overall eliminate competition. Capitalism is destructive of resources both natural and human, as well as disruptive to economic stability. By eliminating economic boundaries which separate people, may benefit the whole society because when we eliminate the have and have not, there will be no need for people to go out and steal which in effect may reduce the crime rate within a