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Comparing Capitalism and Socialism

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Introduction

´╗┐TASK 1. SOCIALISM V/S CAPITALISM 2. =Capitalism can be said as free or private enterprise. It is a kind of economic system. There is general agreement that elements of capitalism include private ownership of the products, creations of goods, profit/loss and wages of the labourers. It is maintained by private individuals or corporations. The term ??CAPITALISM?? was invented by Karl Marx to describe the market system of exchange. In WEALTH OF NATIONS Adam Smith called it as ?? the obvious and simple system of natural liberty.?? The division of labour comes under this itself. ...read more.

Middle

The places and everything else is controlled by the state. It is the system of social organization. The democratic control over the material means of production by the workers and the people. In the boom RODS TO FREEDOM by Bertrand Russell who said that ?? communal ownership of land and capital. The government controls all the means of production. Countries which follow socialism are CUBA, CHINA, VIETNAM, and KOREA (etc.) =DIFFERENCES Currently most countries adopted Capitalism. For that let?s see the advantages and disadvantages. ~Adavntages >ECNOMIC DOMINATION >CONTROL OF SCIENCE AND TECHNOLOGY >TAXES ARE LESS >LESS POVERTY THEN SOCIALIST COUNTRIES >WEALTH-PEOPLE CAN BULID PERSONAL WEALTH ...read more.

Conclusion

also allows individuals to earn money based on the importance of their role in society. There is high rate of infrastructures development, as a government focus .The government does not have control over markets. There is rapid economy growth as private investors make high profit. Goods are cheap, as a result of competition among producers of goods. -Now coming to Socialism. It depends crucially on there being a well-educated and informed electorate capable and willing to choose a Government capable of managing all aspects of an industrial economy, rather than merely a limited set of interests. Karl Marx called it as communism and but after the soviet experiment people call it socialism now. In this there is a less individual freedom. ...read more.

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