Capitalism and Socialism
CAPITALISM VS. SOCIALISM If I were to name the one political, economic and social system that has made our country amongst the richest in the world, improved the lives of billions of people and that has fuelled and aided the human desire to succeed, that system would be capitalism. If I were further pushed to explain why I think capitalism is the system for all nations to adopt, I would simply state that it is the fairest system - much fairer than those ideologies that make that claim. Allow me to expand: the capitalist system allows for the free movement of money, goods and people. The key ideas of supply and demand set out in "The Wealth of Nations" by Adam Smith state that only the businesses which provide the best products will succeed. The theory of competition further set out by Smith mean that if and when these companies do succeed, they will still have to compete with each other for customers through high-quality service. This all means that the best goods will be sold at low prices with an excellent attitude towards customer satisfaction. Companies that fail to provide a decent service, or that set their prices too high, will be shunned by the market (i.e. the people) in favour of a better company. Now let's examine the alternative - the supposedly 'fair' and 'just' system of socialism. Under socialism, individuals are encouraged to look after their fellow man and
