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Why Is Capitalism Better Than Socialism

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In today’s world, socialism and capitalism seem to be two opposite systems. The debate over these two systems has continued for a very long time, people are arguing about which system is better or not. The supporters of socialism think that capitalism is a kind of exploitation of the working class, one percent of people control ninety-nine percent of the wealth. On the contrary, the supporters of capitalism think that socialism cannot protect private property very well, it is an undemocratic system, the state controls everything. As Dr. Faunce said in the class, people always look at these two systems with prejudice, only pay attention to shortcoming without looking at the advantages. After years of development, I think combine these two systems, …show more content…

Faunce’s class lecture, “socialism is the social and economic doctrine that calls for public rather than private ownership or control of the property and natural resources. Society as a whole should own or at least control property for the benefit of all its members.” The ultimate goal of socialism is to become communism, socialism is the transitional stage to achieve this goal. Different from socialism develop and promote the public-owned economy, the main goal of capitalism is to develop private ownership economy. Earning profits is essential to capitalism, Fulcher describes capitalism as make a huge profit by investing of money. Capitalism appeared earlier than socialism. In Europe, capitalism has experienced rapid growth. Between A.D. 1250 and 1350, these is an international trade route from northwestern Europe to China, in my opinion, I think this trade route increased communication between different regions and developed the European commodity economy. However, it also laid the foundation for imperialism. With the development of capitalism, some problems have also emerged. One of the most obvious problems is that uneven distribution of wealth, the working class is not valued. For example, in 1980, the US CEOs made 43 times as much as the average workers earned. However, in 2005, the US CEOs earned 411 times as much as the average workers earned. Under this situation, some opposing voices appeared. Karl Marx is the most representative example, some of his theories are still being studied by China. Marx thought that “capitalism would ultimately destroy itself; working class would rise against the capitalist class; would do away with private ownership of the means of production; and run by and for the people (after a brief period of proletarian dictatorship)” . Marx’s opinion has received strong repercussions in some countries, the first Marxist revolution occurs in Russia. During this period, Lenin is a very important person. Lenin is the

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