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Socialism Vs Capitalism Research Paper

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The economic system, in which the trade and industry are owned and controlled by private individuals is known as Capitalism. Socialism, on the other hand, is also an economic system, where the economic activities are owned and regulated by the state itself. The basis of capitalism is the principle of individual rights, whereas socialism is based on the principle of equality. Capitalism encourages innovation and individual goals while Socialism promotes equality and fairness among society. In the socialist economy, the resources are state-owned but in the case of the capitalist economy, the means of production are privately owned. In capitalism the prices are determined by the market forces and therefore, the firm's can exercise monopoly power, …show more content…

In Capitalism, every individual works for his own capital accumulation, but in Socialism, the wealth is shared by all the people equally. In Capitalism every person has the right to freedom of religion which also exists in Socialism, but Socialism gives more emphasis on secularism. In Capitalism, the efficiency is higher as compared to Socialism because of the profit incentive that encourages the firm to produce such products that are highly demanded by the customers while in a socialist economy there is a lack of motivation to earn money, which leads to inefficiency. In Capitalism, there is no or marginal government interference which is just opposite in the case of Socialism. As we all know that every coin has two aspects, one is good and the other is bad and same is the case with the two economic systems. It is very difficult to say which system is better than the other. Capitalism leads to the development of the economy of the country along with the creation of wealth but it advocates distinction between the haves and

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The Merriam-Webster definition of socialism is “any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods.” In simple terms socialism is the collective ownership of goods and the means by which they are distributed. Although many socialists today would be quick to distinguish communism and socialism as two different things, they do indeed work together. Communism being defined by Merriam-Webster as “a system in which goods are owned in common and are available to all as needed.” Communism is just the outpouring of the philosophical idea of socialism.

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Capitalism is an economic system where people believe that the country’s economy should be controlled by private enterprises and not the state government an example of a Capitalist would be John D. Rockefeller. A Socialist is a person who believes that the country’s economy should be controlled by ‘the people’. Upton Sinclair was a part of the socialist party and in his book The Jungle he expressed his views for socialism. The Jungle was intended to pull more people to the socialistic clause but Sinclair’s vivid descriptions in The Jungle pointed Americans in another direction. In response to The Jungle the public felt disgusted, many people were appalled at the raw descriptions in the book and the horrors that were described.

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According to the Chambers Concise Dictionary (2009) Capitalism is defined as “An economic system based on private, rather than state, ownership of businesses, factories, transport services, etc., with free competition and profit-making.” And Socialism is defined as “A political doctrine or system, which aims to create a classless society by removing the nation’s wealth (land, industries, transport systems etc.) Out of private and

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Socialist economy, Socialism is a sort of order monetary framework. The state possesses and controls the greater part of the elements of creation, including area and capital products. The state additionally participates in focal arranging. Generation of merchandise and administrations, and their costs and appropriation, are midway controlled by the state. Marvin will have some major snags beginning a business in an absolutely communist monetary nation.

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Next, the other economic system is capitalist economy where there is no involvement of the government. In this type of economy, there is freedom of choice for the consumers to choose the goods and services that they wanted to buy.

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