Compare and Contrast Capitalism and Socialism and Discuss a Shortcoming of Each System That Is Criticized by Opponents of the System. Then Describe the Overlap in Capitalism and Socialism and the Economic Theory Associated with It. Essay

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Capitalism is a liberal-market system: an economic system based on the private ownership of the means of production and distribution of goods, characterized by a free competitive market and motivation by profit. Capitalism has three essential features: 1. Private ownership- where individuals own land, machines, and factories. 2. Marketing competition- competing with one another, where the own decide what the price is and what product is produce. 3. Pursuit of profit- the owner sells their products for more than what is cost. It is a economic system based on the private ownership of means of production. It stretches the line between the rich and the poor, creating class struggles and inequality. However, capitalism is known as lasissez-faire capitalism, which means the government doesn’t interfere in the market. Which is not the case in the U.S.? Capitalism is welfare or state capitalism, where private citizens own the means of production and pursue of profits. But they do so by a vest system of laws to protect the population.
Socialism political system of communal ownership: a political theory or system in which the means of production and distribution are controlled by the people and operated according to equity and fairness rather than market principles. Socialism is a more mixed economy where people are more equal and have workplace benefits. The Essentials of Sociology, socialism also has three essential components: 1. public ownership of the means of production: 2. central planning and 3. the distribution of goods without a profit motive.   In socialism the government owns the resources. The United States is capitalist, for example, and Norway is socialist.
Capitalism and socialism have different approach to producing and to distributing goods but represent opposing belief system. Both the products and prices should be determined by the market forces, that’s what the capitalists believe. That profit is good for humanity, where as it will stimulate people to...

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  • on February 2, 2013
  • Category: Social Issues
  • Length: 664 words
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MLA Citation

"Compare and Contrast Capitalism and Socialism and Discuss a Shortcoming of Each System That Is Criticized by Opponents of the System. Then Describe the Overlap in Capitalism and Socialism and the Economic Theory Associated with It.". Anti Essays. 23 Aug. 2014

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APA Citation

Compare and Contrast Capitalism and Socialism and Discuss a Shortcoming of Each System That Is Criticized by Opponents of the System. Then Describe the Overlap in Capitalism and Socialism and the Economic Theory Associated with It.. Anti Essays. Retrieved August 23, 2014, from the World Wide Web: http://www.antiessays.com/free-essays/Compare-And-Contrast-Capitalism-And-Socialism-397911.html