Capitalism and Socialism essay

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3 pages: 1 page on capitalism, 1 page on socialism and 1 page to describe which you prefer any why. The intent is to promote some critical thinking into each economic philosophy.

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School: Rice University

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Capitalism and Socialism
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Capitalism and Socialism

For a long time, there has been a continuous debate on the political and economic
systems. Today, more than ever, many people are debating on which of the available political
and economic systems work best in the current systems. That is the political and economic
system that provides the best way of allocating needs and wants in the society, the best way of
deciding who should do the allocation, and how various things can be done in the community.
There very divergent ideas, opinions, and views about this issue. The people who are in favor of
socialism argue that socialism is the beast approach giving their positive opinions about it while
discrediting the other capitalism. They advocate for a free economy where the private people
control the economy.
On the other hand, those who support capitalism have their fair share of reasons that help
them in the argument for the capitalist system, and like their counterparts, they often discredit
socialism by pointing out various flaws that they believe capitalism has. They advocate for the
government's ownership and control of critical resources instead of individuals. It is a debate that
seems to be far from being over, and this paper will be looking at various aspects of both
socialism and capitalism theories. Also, the paper will give a personal point of view about the
two political and economic systems and the one that is best for the current economic situations.
Socialism is an economic and social doctrine that advocates for making property and
resources, public instead of privatizing them. It is a socio-economic theory that emerged as a
counter to the success of capitalism that advocated for the privatization of natural resources and
means of production. By definition, socialism is a social and economic system that whereby the
distribution of natural resources and property is controlled by the workers either directly or by
use of collective groups such as workers’ unions or indirect control by the state (Schumpeter,
2010). The socialist's view that no one lives or work in isolation but rather live with other people
and cooperate in doing various things motivated the emergence of socialism. Based on this

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