Why Is Capitalism Better Than Socialism
Capitalism versus Socialism
Capitalism: a term to denote an economic system that has helped build up the United States to be the superpower that it is today. Capitalism is an economic and political system in which a country's trade and industry are not controlled by the state, but by private owners for profit. This political economy came into prominence in the nineteenth century and continues to be practiced every day. Although the United States follows a capitalist structure, there are plenty of socialists that live their lives promoting socialism. Socialism is an economic and political theory of social organization that advocates means of production, distribution, and exchange should be owned or regulated by the community as a whole. Even though socialism promotes more equality in a nation, it also promotes laziness, …show more content…
On the other hand, capitalism encourages people to make the best of their talents. In fact, most politicians prefer an economic system that places power in their hands (capitalism) as opposed to a system that makes them less relevant (socialism). Capitalism is a superior form of government, than socialism, due to its long lasting benefits.
It seems as though a large amount of the younger population today does not understand how capitalism functions and produces goods. Capitalism is based on free market, or laissez-faire, a concept created by philosopher and economist, Adam Smith. Laissez-faire means public companies and private businesses are more profitable without influence of government regulation. That idea is also reflected in libertarianism, a more extreme version of laissez-faire. This ideology has proven to be an effective form of economic system in the United States . Capitalism produces a faster growth rate, than socialism does, and economies
Capitalism: a term to denote an economic system that has helped build up the United States to be the superpower that it is today. Capitalism is an economic and political system in which a country's trade and industry are not controlled by the state, but by private owners for profit. This political economy came into prominence in the nineteenth century and continues to be practiced every day. Although the United States follows a capitalist structure, there are plenty of socialists that live their lives promoting socialism. Socialism is an economic and political theory of social organization that advocates means of production, distribution, and exchange should be owned or regulated by the community as a whole. Even though socialism promotes more equality in a nation, it also promotes laziness, …show more content…
On the other hand, capitalism encourages people to make the best of their talents. In fact, most politicians prefer an economic system that places power in their hands (capitalism) as opposed to a system that makes them less relevant (socialism). Capitalism is a superior form of government, than socialism, due to its long lasting benefits.
It seems as though a large amount of the younger population today does not understand how capitalism functions and produces goods. Capitalism is based on free market, or laissez-faire, a concept created by philosopher and economist, Adam Smith. Laissez-faire means public companies and private businesses are more profitable without influence of government regulation. That idea is also reflected in libertarianism, a more extreme version of laissez-faire. This ideology has proven to be an effective form of economic system in the United States . Capitalism produces a faster growth rate, than socialism does, and economies