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Capitalism vs. Socialism - Essay Example

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As the essay discusses capitalism increases competition whereas socialism discourages competition. Every country needs domestic food production for its own national security and independence. Domestic food production can be increased only with the help of competition. In nom-competing economies or in socialist countries, the absence of competition makes people lazy. The resources in this world are fixed whereas the population size is increasing. It is difficult for the increasing population to find better living standards if they adhere to a particular level of productivity. Socialism on the other hand does not believe much in competition. It works on certain impractical principles which may appear good at a glance.
This discussion stresses that none of the socialistic world or communist countries succeeded in achieving the objectives of socialism which is the major reason why communism wiped off from Europe and on the verge of destruction in other parts of the world as well. Not only China, even Cuba has recently announced lot of economic reformation policies which were earlier black listed by these countries as the bi-products of capitalist economy. Capitalism utilizes the willpower of individuals, especially entrepreneurs, to foment economic activity. Capitalism is based on the assumption that individuals operate based on self interest; however, by doing so they not only help themselves, but also propel others towards economic success. (Socialism vs Capitalism). One of the major criticisms against capitalism is that it makes two types of citizen in a country; rich and poor. However, it should be noted that even after years of implementation of socialistic principles, countries like China, Cuba and Soviet Union failed to reduce the gap between the rich and poor in their territory. On the other hand, it should be noted that capitalist countries like America and Britain not only remain wealthy, but also succeeded in reducing the gap between t ...Show more
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Summary

Capitalism and socialism are two of the prominent economic schools of thoughts prevailing in the world at present. Both are entirely different in principles. This paper Capitalism vs. Socialism argues in favor of capitalist economy for the future development of world. …
Capitalism vs. Socialism
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