Socialism vs. Capitalism Differences, Similarities, Pros, Cons

Socialism and capitalism are the two main economic systems used in developed countries today. The main difference between capitalism and socialism is the extent to which the government controls the economy. Key Takeaways: Socialism vs. Capitalism Socialism is an economic and political system under which the means of production are publicly owned. Production and consumer prices are controlled by the government to best meet the needs of the people. Capitalism is an economic system under which the means of production are privately owned. Production and consumer prices are based on a free-market system of â€Å"supply and demand.†Socialism is most often criticized for its provision of social services programs requiring high taxes that may decelerate economic growth.Capitalism is most often criticized for its tendency to allow income inequality and stratification of socio-economic classes. Socialist governments strive to eliminate economic inequality by tightly controlling businesses and distributing wealth through programs that benefit the poor, such as free education and healthcare. Capitalism, on the other hand, holds that private enterprise utilizes economic resources more efficiently than the government and that society benefits when the distribution of wealth is determined by a freely-operating market. Capitalism Socialism Ownership of Assets Means of production owned by private individuals Means of production owned by government or cooperatives Income Equality Income determined by free market forces Income equally distributed according to need Consumer Prices Prices determined by supply and demand Prices set by the government Efficiency and Innovation Free market competition encourages efficiency and innovation Government-owned businesses have less incentive for efficiency and innovation Healthcare Healthcare provided by private sector Healthcare provided free or subsidized by the government Taxation Limited taxes based on individual income High taxes necessary to pay for public services The United States is generally considered to be a capitalist country, while many Scandinavian and Western European countries are considered socialist democracies. In reality, however, most developed countries—including the U.S.—employ a mixture of socialist and capitalist programs. Capitalism Definition Capitalism is an economic system under which private individuals own and control businesses, property, and capital—the â€Å"means of production.† The volume of goods and services produced is based on a system of â€Å"supply and demand,† which encourages businesses to manufacture quality products as efficiently and inexpensively as possible. In the purest form of capitalism—free market or laissez-faire capitalism—individuals are unrestrained in participating in the economy. They decide where to invest their money, as well as what to produce and sell at what prices. True laissez-faire capitalism operates without government controls. In reality, however, most capitalist countries employ some degree of government regulation of business and private investment. Capitalist systems make little or no effort to prevent income inequality. Theoretically, financial inequality encourages competition and innovation, which drive economic growth. Under capitalism, the government does not employ the general workforce. As a result, unemployment can increase during economic downturns. Under capitalism, individuals contribute to the economy based on the needs of the market and are rewarded by the economy based on their personal wealth. Socialism Definition   Socialism describes a variety of economic systems under which the means of production are owned equally by everyone in society. In some socialist economies, the democratically elected government owns and controls major businesses and industries. In other socialist economies, production is controlled by worker cooperatives. In a few others, individual ownership of enterprise and property is allowed, but with high taxes and government control.   The mantra of socialism is, â€Å"From each according to his ability, to each according to his contribution.† This means that each person in society gets a share of the economy’s collective production—goods and wealth—based on how much they have contributed to generating it. Workers are paid their share of production after a percentage has been deducted to help pay for social programs that serve â€Å"the common good.†Ã‚   In contrast to capitalism, the main concern of socialism is the elimination of â€Å"rich† and â€Å"poor† socio-economic classes by ensuring an equal distribution of wealth among the people. To accomplish this, the socialist government controls the labor market, sometimes to the extent of being the primary employer. This allows the government to ensure full employment even during economic downturns.   The Socialism vs. Capitalism Debate   The key arguments in the socialism vs. capitalism debate focus on socio-economic equality and the extent to which the government controls wealth and production. Ownership and Income Equality   Capitalists argue that private ownership of property (land, businesses, goods, and wealth) is essential to ensuring the natural right of people to control their own affairs. Capitalists believe that because private-sector enterprise uses resources more efficiently than government, society is better off when the free market decides who profits and who does not. In addition, private ownership of property makes it possible for people to borrow and invest money, thus growing the economy.   Socialists, on the other hand, believe that property should be owned by everyone. They argue that capitalism’s private ownership allows a relatively few wealthy people to acquire most of the property. The resulting income inequality leaves those less well off at the mercy of the rich. Socialists believe that since income inequality hurts the entire society, the government should reduce it through programs that benefit the poor such as free education and healthcare and higher taxes on the wealthy.   Consumer Prices Under capitalism, consumer prices are determined by free market forces. Socialists argue that this can enable businesses that have become monopolies to exploit their power by charging excessively higher prices than warranted by their production costs.   In socialist economies, consumer prices are usually controlled by the government. Capitalists say this can lead to shortages and surpluses of essential products. Venezuela is often cited as an example. According to Human Rights Watch, â€Å"most Venezuelans go to bed hungry.† Hyperinflation and deteriorating health conditions under the socialist economic policies of President Nicolà ¡s Maduro have driven an estimated 3 million people to leave the country as food became a political weapon.   Efficiency and Innovation   The profit incentive of capitalism’s private ownership encourages businesses to be more efficient and innovative, enabling them to manufacture better products at lower costs. While businesses often fail under capitalism, these failures give rise to new, more efficient businesses through a process known as â€Å"creative destruction.†Ã‚   Socialists say that state ownership prevents business failures, prevents monopolies, and allows the government to control production to best meet the needs of the people. However, say capitalists, state ownership breeds inefficiency and indifference as labor and management have no personal profit incentive.   Healthcare and Taxation   Socialists argue that governments have a moral responsibility to provide essential social services. They believe that universally needed services like healthcare, as a natural right, should be provided free to everyone by the government. To this end, hospitals and clinics in socialist countries are often owned and controlled by the government.   Capitalists contend that state, rather than private control, leads to inefficiency and lengthy delays in providing healthcare services. In addition, the costs of providing healthcare and other social services force socialist governments to impose high progressive taxes while increasing government spending, both of which have a chilling effect on the economy.   Capitalist and Socialist Countries Today   Today, there are few if any developed countries that are 100% capitalist or socialist. Indeed, the economies of most countries combine elements of socialism and capitalism. In Norway, Sweden, and Denmark—generally considered socialist—the government provides healthcare, education, and pensions. However, private ownership of property creates a degree of income inequality. An average of 65% of each nation’s wealth is held by only 10% of the people—a characteristic of capitalism. The economies of Cuba, China, Vietnam, Russia, and North Korea incorporate characteristics of both socialism and communism. While countries such as Great Britain, France, and Ireland have strong socialist parties, and their governments provide many social support programs, most businesses are privately owned, making them essentially capitalist. The United States, long considered the prototype of capitalism, isn’t even ranked in the top 10 most capitalist countries, according to the conservative think tank Heritage Foundation. The U.S. drops in the Foundation’s Index of Economic Freedom due to its level of government regulation of business and private investment. Indeed, the Preamble of the U.S. Constitution sets one the nation’s goals to be â€Å"promote the general welfare.† In order to accomplish this, the United States employs certain socialist-like social safety net programs, such as Social Security, Medicare, food stamps, and housing assistance. Sources and Further Reference â€Å"Back to Basics: What is Capitalism?† International Monetary Fund (June 2015).Nove, Alec. â€Å".†Socialism New Palgrave Dictionary of Economics, Second Edition (2008).Newport, Frank. â€Å".†The Meaning of ‘Socialism’ to Americans Today Gallup (October 2018).

Writing Skills For College Students - 1457 Words

In the world of education, a plague has struck many students. Instructors everywhere try to contain this epidemic call plagiarism. This struggle of writing has touchdown in many campus across the country. This is the result of students feeling the pressure of writing more than in the past. The problem with writing is not because students don’t know how, but rather feeling the pressure to meet socially place standards without plagiarizing. Many students plagiarize due to the burden of succeeding. These strains can come from parents, wanting great achievements from their children. Coupled with the awareness of proper writing skills for future job opportunities. Equally, looking apart amongst peers can cause students to plagiarize. Another factor can be blamed solely on the laziness of students. I am sure laziness is at the bottom of excuses for college students plagiarizing. The want to meet the standards that has been placed on them by society. As a student in college, good gra des is the number one bullet on my list. That comes with a lot of stress to get my paper accurate, so I can get the grade to meet the standard. Firstly, many students plagiarize since there is an abundance of pressure to succeed. Writing is an essential skill everyone needs to processes in their everyday life. With that said, it will be embarrassing for my little cousin to ask for my assistant in writing her name, but not being able to write. I remember my elementary school teacher would constantlyShow MoreRelatedWhy College Students Fail?862 Words   |  4 PagesThe education a student acquires, impacts their life for the long run. Without a substantial education, it is challenging to find a decent job. Many students are going well beyond their bachelor degrees nowadays, such as going for masters, and PhD’s, to obtain better jobs. However, college students/graduates are being unemployed due to insufficient writing skills. Even with such degrees, if one is not adequate enough in writing skills it is difficult to get employed. In the article, â€Å"For $100K,Read MoreCollege Writing Importance1004 Words   |  5 P agesimportance of college writing can be easily argued to have zero importance to most. It is really the laziness in me that would try to argue writing is to no importance but I find much greater reasons to support the ideas of writing being a very essential skill. Writing is a skill not every occupation will have thrown at them, but anyone wanting to try to get a higher paying job will come across writing. Knowing how to write college level can only benefit one. Arguing that college level writing to haveRead MoreCurrent Conditions And Desired Conditions1421 Words   |  6 PagesInstruction 10 Goal of Instruction 11 Appendix A: Student Pre-Assessment 13 Appendix B: Teacher Survey 16 Different Words: Same Meaning Discussion of Instructional Problem American college students know research and essay writing is an inevitable aspect of their educational career. Gathering research based materials and paraphrasing this information can be daunting for some English speaking students. For college bound English as a Second Language (ESL) students this task of paraphrasing research sourcesRead MoreGrammar Usage And English Class895 Words   |  4 Pagesexceptions to grammar rules has created a sense of dread among many learners. Yet, it is not only the student that shies away from grammar conversations, but many teachers themselves feel inadequate in the grammar usage, both in speaking and writing, as well as their assessment of student writing. With the national push to embed writing across the curriculum, many teachers feel ill-prepared to assess students on their grammar. While they may concede it is important, many teachers would argue the place forRead MoreDigital Technology Into The Learning Process Essay1513 Words   |  7 Pa gesAcademia has been slow to incorporate digital technology into the learning process, and English courses seem to lag behind most other subject areas. Even when trying, College professors are challenged because post-secondary students â€Å"separate into different stratifications†¦ according to their previous academic, social, and professional experiences with computers – experiences that, in turn, are often dependent on age, class, race, and gender† (Bancroft, 2016, p. 47). These stratifications createRead MoreChallenges Facing Students At Secondary School Level1490 Words   |  6 PagesThe Difficulties and Challenges Facing Students at Secondary School Level in Al-Kharj City with Writing in English Table of contents: Page Number Section 3 1-Abstract 3 2-Introduction 4 3-Literature Review 4-5 4-Significance of Research 5 5-Research Question 5 6-Research Methodology 6 7-Ethical Considerations 6 8-Limitation of The Research 6-7 9-Expected Results 7 10-References Abstract Writing has always been regarded as playing a prominent role in learningRead MoreEffects Of The Sat On A Student s Future1188 Words   |  5 PagesThe SAT’s do not teach the skills needed to function on the job, and hinder the creativity needed on the job. The SAT’s also divide people into â€Å"high-scored† and â€Å"low-scored†, which excludes people from certain jobs, even though they might have the qualifications for that job. Both these reasons cause a student to not receive the job they may deserve. But there are ways to reverse this epidemic. Colleges may implement a different admissions process; one that judges a student on more than their academicRead MoreThe Difficulties And Challenges Facing Students1468 Words   |  6 PagesAbstract Writing has always been regarded as playing a prominent role in learning a second language. The purpose of this research was to investigate the difficulties and challenges facing students in writing and spelling, the factors causing these difficulties and how to overcome these challenges. A total of 30 female students from three different female secondary schools in the Al-Kharj city participated in the study, and 6 teachers teaching English language for secondary levels with differentRead MoreThe Importance Of Academic Writing1158 Words   |  5 PagesWriting has become an essential way of communication in a technological world in which our voice has been transformed into written words, through text messages, e-mails, and documents widely used and published by everyone. By being a critical issue, students are compelled to learn College-level writing in college; although, the effectiveness of Academic Writing is a discussion among scholars its relevance should not be neglected. For some educators, academic writing does not add practicality to theRead MoreGraduation Speech : High School Students921 Words   |  4 PagesActually, in the high school students got test as the SAT where every student had to write about a topic in just twenty-five minutes, for to prove th e improvement and skill of every student in redact, analyze and write an essay. Because the importance of the writing in the High school is focus in the making of new texts and the comprehension it, which good oriented and structured would convert in knowledge. The apprenticeship based in the writing; potency a whole of ideas, and generate bases for

Domestic Terrorism, Overlooked Essay Example For Students

Domestic Terrorism, Overlooked? Essay Domestic Terrorism, Overlooked?National terrorism has been the focus of attention since September 11. But now domestic terrorism is becoming increasingly common among hate groups across the nation. Domestic terrorism can be defined as visible crime, or street crime. These acts would consist of violent crimes, (acts against people in which injury or death results) property crimes (acts that threaten property held by individuals or the state) and public order crimes. (acts that threaten the general well-being of society and challenger accepted moral principles) It can also however be described as political crime, (criminal acts by or against the government for ideological purposes) which would include the 9/11 and the Oklahoma City bombing. This article directly relates to the definition of sociology, which is the systematic study of social behavior and human groups. This news item is sociological because it focuses on terrorism which is an act of violence (social/deviant behavior) aga inst a person, group, or an entire nation (human groups). This article focuses on the behavior of domestic terrorist groups or gangs of people such as the white supremacists, anti government types, militia members, eco-terrorists and people that hate corporations. 1 They include violent anti-abortionists and black and brown nationalists who envision a separate state for blacks and Latinos. 1 Throughout this article I will use domestic terrorist groups as the name for the groups listed above. (hate groups, etc.) Many sociological concepts can be applied to this news article; however there are four specific ones which I feel are the best, which are social structure, roles, deviance and social control. Every society has a social structure, which is the way in which a society is organized into predictable/patterned relationships. This relates directly to the human groups, i.e. white supremacists etc. discussed in the news article. When you belong to such a group you stand for something, and the people that occupy the group consider it their own society in which they make their own rules and regulations. They take on different roles which are deviant to our society but acceptable to theirs. In the case of this article these groups all plan and/or commit violent acts against people or other groups because they believe its acceptable, which according to us would be organizing themselves into predictable/patterned relationships. This directly ties in with the term roles, which are culturally defined rights and obligations attached to statuses. More specifically, we read and study for classes because we are students. In turn, people in these deviant groups plan and/or commit violent acts against people, other groups, the government, etc. because they are in those groups. A specific example from the article would be in October 2004 in Tennessee the FBI arrested Demetrius Van Crocker who hated the government and tried to acquire explosives and chemical weapons so that he could blow up a government building.1 His role was to hate the government, and try to destroy it or hurt it in anyway. Perhaps the concept that would relate to this article the best is deviance. Deviance is behavior that violates the standards of conduct or expectations of a group or society. To our society these domestic terrorist acts and domestic terrorist groups would be considered deviant. They violate the standards of conduct or expectations that we set for our society, by committing acts of terrorism on people, other groups and our nation as a whole. Deviance can tie into the labeling theory which is when the label of being deviant is applied to a person. Furthermore, these people and groups would be seen as pure deviant(s), which means they are perceived as deviant and actually are deviant. This brings us to our last concept, social control, which are the strategies and techniques for preventing deviant behavior in any society. The article describes attempts and successful apprehensions of deviant people in the domestic terrorist groups. Although the terrorism hasnt hurt society as much, we still have to attend to it and focus on it a little more so it doesnt get out of hand. We have been focusing on the national terrorism so much, and for good reason, that we have lost sight of the domestic terrorist groups and people that are trying to hurt society. Controlling these terrorist groups would be a form of formal social control, which is social control carried out by authorized agents, police officers, government etc. Their main focus is to try and arrest these domestic terrorists before they get a chance to actually commit the crime which is very important. The Geology Of The Massif Montgris EssayReferences:1 Copeland, Larry. Domestic Terrorism: New trouble at home.USA TODAY 15 Nov. 2004, natl. ed. : 1A 2A