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Advantages and Disadvantages of Living in a Capitalist vs a Socialist Society - Essay Example

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Advantages and Disadvantages of Living in a Capitalist vs a Socialist Society

Capitalism rewards ingenuity, ability, and achievement on the part of individuals regardless of their circumstances at birth or current station in life. Each member of a capitalist society is rewarded for being frugal, responsible, and disciplined, and qualities of honesty, thoughtfulness, and prudence are supposed to be paramount. These qualities are rewarded across all fields of labor, from executives to janitors.
Entrepreneurship is vital to a capitalist system. Entrepreneurs see potential everywhere and are always looking to exploit creativity and initiative for the greatest gain, either financially or for the good of mankind. In theory, there’s an unlimited potential for any individual to grow his or her wealth, and although wealth is distributed unequally, everyone under a capitalist system benefits by association with the wealthy individual. Under capitalism, individuals are free to choose how they act, and if they act immorally, they’re punished by the system.Socialism. Under the socialist theory, resources, transportation, and industries are owned by the state, and wealth can be distributed equally among all laborers. Competition between workers or business owners is reduced or eliminated, bringing all people together philosophically and economically. The workers aren’t separated from the products of their work; instead, they retain control over how and why it will be distributed. When the state controls such things as schools and healthcare, those necessities are available to all equally, and private school education and cosmetic or expensive health treatments become luxuries that individuals must pay for instead of the state. Socialism ends hunger and homelessness because wealth is equally distributed to all citizens.  ...Show more
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This essay "Advantages and Disadvantages of Living in a Capitalist vs. a Socialist Society" presents a compare and contrast analysis of capitalism and socialism. Almost all nations take elements of each system and incorporate them into their regulations and social structures…
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