Capitalism for The Better, Socialism for The Worse...

Capitalism for The Better, Socialism for The Worse Failing or profitable government? There are various types of economies in the the world, of the various types they can be narrowed down to the two most common which are capitalist and socialist economies. Capitalism is â€Å"a way of organizing an economy so that the things that are used to make and transport products are owned by individual people and companies rather than by the government† (Merriam Webster). Socialism is â€Å"a way of organizing a society in which major industries are owned and controlled by the government rather than by individual people and companies† (Merriam Webster). Every economic systems has pros and cons. Type of organization, individual or public benefit, and societal†¦show more content†¦In the state lead economy, the government owns the means of production, but the organization is ran by capitalists methods. Capitalism promotes competition in the economy which has positive outcomes. Competition generates higher quality products a nd more effective techniques in businesses. Competition is the only reason the government plays a role in capitalism, and that role is protection from fraud and force. â€Å"The only purpose of government would be to protect its citizens from force or fraud† (Reisman, George). Socialism is considered the weak; less effective form of economy. â€Å"By failing to emphasize incentives, socialism is a theory inconsistent with human nature and is therefore doomed to fail† (Mark Perry, 1995). It is the type of organization that involves the government owning and controlling the major industries and prosperous companies in the country. The fact that socialism disregards private property rights in establishing incentives for economic development and growth is another reason why socialism fails. Socialism robs citizens of their human rights to private property, but it does grant the right to an education, to work, and free health care and transportation. Unlike capitalism that is based on supply and demand, in a socialist economy, the government regulates the quantity of products produced and distributed. The government alsoShow MoreRelatedBusiness Ethics6288 Words   |  26 PagesBakan wrote the book, The Corporation: The Pathological Pursuit of Profit an d Power, during the filming of the documentary. The documentary shows the development of the contemporary business corporation, from a legal entity that originated as a government-chartered institution meant to effect specific public functions, to the rise of the modern commercial institution entitled to most of the legal rights of a person. One theme is its assessment as a personality, as a result of an 1886 case in theRead MoreThe Rise of China and Future of the West17670 Words   |  71 PagesEast. 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