Capitalism and Socialism are two economic systems that have opposing views on the end goal and how to reach it. Capitalism is centered around competition and privatization while Socialism is driven by social equality. As with any philosophy, there are positive and negative aspects. Capitalism’s focus on competitive economics downplays social reform. Socialism’s concentration on social equality often does not allow for rational economic decision making. Each with their strengths and weaknesses, both of these systems are fueled by good intentions. Often, good intentions are lost when policy makers wear blinders and fail to see their direction has been changed by their inability to incorporate proper freedom and control.
The idea of fairness is an equalizing cause that brings people together and spurs them into action. Both Capitalism and Socialism are grounded by the idea of fairness. It is, in essence, their focus. However, they both see fairness as measured by something entirely different from the other. Capitalists believe that fairness is found in the freedom of competitive pricing, production, and distribution of goods. It is also highlighted by the private ownership of
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In the case of Capitalism, the labor force believes that education, hard work, patience and connections can lead to prestige and wealth for everyone. Any negative issues that arise from the combination of human nature and competition are simply a small price to pay for the immense opportunities offered by the system. Socialism expects just the opposite from its workers. Socialists believe that the natural human need to care for each other is built into the concepts of collective control. They feel that the workers will accept and embrace the loss of control to governmental authority as an exchange for the betterment of society. For these two methods, the freedom or control of the worker is what makes their policies