What is the Difference Between Capitalism and Socialism?
Jordan Berglin
Capitalism and socialism are direct opposites of each other. They represent the two ends of the economic chain and the spectrum from capitalism to socialism can map how much power the government can play into countries' economics. There is an ongoing debate on where America's future economy is headed. While America is a mostly free market economy, only 42% of Americans are actually happy with a socialistic economy, while 65% of Americans say that capitalism is actually more beneficial for our country. As for most things, capitalism and socialism both have their advantages and disadvantages.
In a socialistic economy, which can be found in countries like Germany, America, and Hong Kong, there are many individual rights, which is then associated with little government control and private ownership of businesses. Some benefits of a socialistic economy include more equal society, and poverty reduction. However, socialistic economies also come with disadvantages like resources being wasted on wants not needs and advertising manipulating demand.
In a capitalistic economy like China, North Korea, and Cuba, there is strong government control, which forbids competition. This leads to no freedom in career and employment, and the companies tend to be taxed high. This economy is advantageous in the sense that everyone has an opportunity to succeed, but there is higher incentive to work to be rich. Some things that could be disadvantageous in a capitalist economy is high inequality and firms that can create a monopoly.
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ReplyDeleteI really liked the graphs that showed Of the % of people who have a positive view on capitalism and socialism, and what they mention is the reason they love it. Another thing I loved is how you spoke about the advantages and disadvantages of both markets, you weren't biased towards one or the other which is difficult is writing so good job. Something I'm curious about is the economic health of the countries who use socialism, compared to the countries who use capitalism.
ReplyDeleteI think that both economies can be beneficial to a country and it’s government. However I don’t think that capitalism is what America wants or needs right now, especially with the president we have right now. I think it would help out with the poverty in our country, but at the same time we’re not doing that terrible with it in the economy we have now.
ReplyDeleteSomething I found important to this reading were the countries being affected by a socialistic and capitalistic economy. Something that can be compared to socialistic and capitalistic is the spectrum of freer economy and a more controlled economy by the government. I also liked how you focused on both and showed visuals to help us further understand your topic comparing the two.
ReplyDeleteI think you might have capitalism and socialism mixed up. America is a capitalist society and operates more on a free market and individual choice. China, North Korea, and Cuba have more of a controlled economy. Overall, I think some aspects of socialism are needed: one big point of socialism are things like universal healthcare, which in the end, would lead to more economic equity. Capitalism, though encouraging free trade, leads to more income inequality and a small percentage of people amassing a large amount of wealth. I don’t think an economy that is strictly capitalist or strictly socalist works well, as free trade is important, but government intervention to ensure equity is something that we need, and I feel that the US is lacking.
ReplyDeleteI think you have North Korea, Cuba, and China in the wrong economy. Those countries are definitely more of a socialist economy instead of a capitalist economy. America is also definitely more of a capitalist country. Otherwise the positives for socialism and capitalism fit perfectly with the proper countries just need to switch them all around.
ReplyDeleteThe analysis for both the socialist and capitalist countries should be switched because the United States is capitalist, where you have more economic freedom, while countries like China operate under a socialist economy where their economy is more government regulated. I really liked the economic systems arrow diagram that was included because it made it much more easy for me to understand. In addition, I liked how you shared equal amounts about both systems, and you didn’t have a bias. While reading the introduction paragraph, I questioned how these two economic systems relate to our two presidential candidates. As a whole, it seems as if each political party already has a stance on if the United States should be more capitalist or more socialist. How do you think our nation would be affected if we were more socialist or more capitalist?
ReplyDeleteI really like this article because you show both sides each capitalism and socialism it wasn't bias. Also i like all the visuals it helped show most of your points you talked about. Good Job!
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