StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Capitalism and Socialism - Term Paper Example

Cite this document
Summary
Capitalism is the world's most spread economic system. Within it, the production line and distribution are owned, operated and traded by private individuals, business or huge corporations. The general view is that capitalism's free enterprise is more efficient, because there are lower prices, competitive power, better goods are introduced and prosperity is flourishing…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER91.7% of users find it useful
Capitalism and Socialism
Read Text Preview

Extract of sample "Capitalism and Socialism"

Download file to see previous pages

Petras (2004) says that the debate between socialism and capitalism is still pressing and he even claims that the battle of ideas has begun to intensify. Petras (2004) continues that the social indicator show that the real capitalism is considerable worse than the full employment and steady employment rates that existed during the socialist period. Another author Bala (2009) argues that critics of capitalism describe it as unfair and distribution of wealth and power. Capitalist economic system has the tendency to create market monopoly or oligopoly.

Bala (2009) observes that capitalism can also lead to imperialism, various forms of economic and cultural exploitation. An example of this kind of exploitation is the outsourcing business. U.S companies have discovered that Indian engineers for example can handle the production as professionally as any U.S specialist, however price twice as lower. Thus, many corporations outsourced their business to India and Chine in an attempt to cut costs. Critics of capitalism argue that the imperialism which is associated with this system can also establish social alienation and inequality.

Bala (2009) quotes such statements expressed by many socialists as irrational, because the economy has no direction and is unplanned, consequently it can create internal contradictions and inconsistencies. Over the last 20 years the countries from the former Soviet Block in Eastern Europe are trying to transit from socialism to capitalism. All basic industries from energy, mining, communication, trade to infrastructure have been taken over by private corporations. However, this transition and privatization do not seem to reflect the capitalist ideas and many countries from Eastern Europe are not swept by massive unemployment, gang groups, uncontrollable migration waves, relative economic instability, money laundring and illegal transfers.

Bala (2009) poses that socialism is mainly criticized, because it is incompatible with civil liberties and it political model is not efficient with the general social, human performances. Friedrich Hayek (cited by Bala 2009) argues that a socialist economy can not adequately communicate the information about the productive quotas due in most cases to shortage in price mechanism. Furthermore Hayek (cited by Bala 2009) debates that the social control over the distribution allotment of wealth and private property preached by socialists can not be accomplished without a considerable reduction in prosperity and loss of economic and political freedom.

This statement is proved by the Soviet Union socialist satellite countries which after the fall of the regime seem to have been lost in their attempts to revive their economies. Another negative aspect of the socialism is that it creates authoritarian regimes. All sectors of the economy are operated by the one personality usually the head of the state. The supporters from each of the commented economic systems argues that life is more satisfactory under their preferred system. Vivier (2003) says that capitalists refuse to agree that imposing capitalists values and economic doctrines on the "Third World" countries, only made their economic status worse.

It increased their misery and poverty and the labor force was directly pushed into the hands of Western industrial capitalists. The capitalists values

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Capitalism and Socialism Term Paper Example | Topics and Well Written Essays - 750 words”, n.d.)
Retrieved from https://studentshare.org/miscellaneous/1509463-capitalism-and-socialism
(Capitalism and Socialism Term Paper Example | Topics and Well Written Essays - 750 Words)
https://studentshare.org/miscellaneous/1509463-capitalism-and-socialism.
“Capitalism and Socialism Term Paper Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.org/miscellaneous/1509463-capitalism-and-socialism.
  • Cited: 0 times

CHECK THESE SAMPLES OF Capitalism and Socialism

Effects of capitalism and socialism

Effects of Capitalism and Socialism Introduction Socialism may be described as a form of social ownership and management of the means of production in the economy.... hellip; The different factors of socialism differ in the ways they manage their ownership of the means of production, the degree of reliance on the market forces.... The system of socialism does not have the objective of accumulation of capital as followed by profit driven entities....
4 Pages (1000 words) Essay

The free market system (capitalism) and a command system (communism/socialism)

Capitalism and Socialism Name: Institution: Capitalism and Socialism Socialism and capitalism are two schools of thought that stand in stark difference to each other when it comes to economics.... The ideas in Capitalism and Socialism also vary.... There are various reasons why capitalism and its free market system have become more dominant compared to socialism in the organization of economic activi... socialism debate, the central argument has to do with the government's role in the economy and economic equality (Lanz, 2008)....
3 Pages (750 words) Essay

Ethics during Capitalism and Socialism

Advancements in living standards brought many changes in our social and family life and ethics and its principles are perceived as a burden by many… Commercialization is controlling most of the segments of our social and family life and ethics has not much role in a commercial world. Capitalism and Socialism are two major political institutions which control most of the countries in Capitalists and socialists have their own interpretations about ethics.... This paper briefly analyses the two models, Capitalism and Socialism with respect to Rawls' two ‘principles of justice'....
4 Pages (1000 words) Essay

Compare and contrast capitalism and socialism. Why has capitalism grown globally

Despite their differences, Capitalism and Socialism share some… In capitalism, the means of production are privately owned while in socialism, the means of production are owned by the public or the state.... A derivative of the first difference is that in capitalism, production is aimed at Capitalism and Socialism Introduction Capitalism and Socialism are the two dominant economic systems in the world.... Despite their differences, Capitalism and Socialism share some common features that will be discussed in this paper....
2 Pages (500 words) Essay

Capitalism and Socialism

Under this system, the major motive of the private companies is to make profit and maximize wealth Capitalism and Socialism Capitalism and Socialism To imperatively discuss the essay, it is in order to dichotomize the unembellished key concepts ‘Capitalism and Socialism system'.... It is operated as a mix of both capitalism system and socialism system.... ifferences between socialism and capitalismSocialism fosters on communal ownership of resources....
2 Pages (500 words) Essay

Capitalism and Socialism: Technology Science and Society

Therefore, socialism as well capitalism has a role in American society.... However, capitalism has outgrown its founding father ideas and has created a 'global village' where people interact and do business while on different parts of the world.... nbsp;… Nevertheless, capitalism has its detriment.... Milton and Friedman argue that capitalism is characterized by 'the power of the market' (Friedman and Milton, 1990, 9)....
5 Pages (1250 words) Term Paper

Advantages and Disadvantages of Capitalism and Socialism

This essay Advantages and Disadvantages of Capitalism and Socialism talks that the different forms of economic systems can be put under two major groups which are collectivism and individualism.... hellip; As the report stresses Capitalism and Socialism are always considered as opposite sides of the economic spectrum, the pivotal argument being upon equality and role of government.... Those for socialism claim inequality has shortfalls and the government should be responsible to bring parity by creating programs that will benefit the poor....
6 Pages (1500 words) Research Paper

Capitalism and Socialism Systems

This essay "Capitalism and Socialism Systems" discusses and compares two of the most important economic systems, Capitalism and Socialism.... Specifically, this paper will discuss and compare two of the most important economic systems, Capitalism and Socialism.... hellip; It is observed that now a number of countries are gradually getting rid of socialism due to lack of motivation and slow economic growth, as well as, globalization that has brought all the countries under one economic platform....
7 Pages (1750 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us