Sign In
Not register? Register Now!
Essay Available:
2 pages/≈550 words
Check Instructions
English (U.S.)
MS Word
Total cost:
$ 8.64

Comparing Capitalism and Socialism Law Essay (Essay Sample)


The Role of Capitalism
Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. Socialism is a political and economic theory of social organization that advocates for the means of production, distribution, and exchange being owned or regulated by the community as a whole (1).
In this assignment, you will write a 2–3 paragraph essay comparing capitalism and socialism:
Briefly define, in your own words, the concepts of capitalism and socialism.
Identify three pros and cons of each.
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.
The specific course learning outcome associated with this assignment is:
Examine the role capitalism plays in corporate decision making.
William H. Shaw. 2014. Business Ethics: A Textbook with Cases. Wadsworth, Cengage Learning 8th edition textbook.


What is capitalism?
Capitalism is an economic system in which the means of production in society are in private hands such as corporations and small enterprises (Fraser & Jaeggi, 2018). In a capitalist society investors are free to invest in whatever venture they please while consumers are free to consume or ignore whatever they desire. Some of the system’s characteristics include private property ownership, free exchange of labor, market determination of prices, open competition, etc.
However, capitalism has a number of benefits that characterize its operations. First, the system encourages innovation based on expected rewards to innovators. Capitalist countries display some of the most innovative creations in the world as there is a strong profit incentive for those who invent and sell their innovations to the public. Second, capitalism encourages competition which breeds efficiency among companies that want to stay in business. This drives economic growth as productivity and employment rise to keep up with the demands of competing businesses. Third, there is minimal government interference in productivity which encourages the populace to be aggressive in setting up and running successful ventures.
On the other hand, capitalism has various drawbacks. First, it gradually creates an unequal society in which the rich grow richer while the poor grow poorer due

Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:

Other Topics:

  • Organizational Management and Operations Paper Law Essay
    Description: In many nations, police personnel and their corresponding functions are organized at the national level. However, in the United States, policing is fragmented into local, state, and federal levels. This fragmentation was established in the early years of the republic when people were afraid...
    6 pages/≈1650 words | APA | Law | Essay |
  • Criminology graded project Law Essay Research Paper
    Description: Law enforcement policies are the main principles that guide law operations. These policies work to provide protection and guidance to security officers and agencies as well as setting expectations on matters related to security. The most important thing to consider when dealing...
    3 pages/≈825 words | APA | Law | Essay |
  • Victim Compensation Program Law Essay Research Paper
    Description: Apart from the emotional and physical trauma, the victims of crime sometimes suffer financial stress. Crime victim compensation programs offer financial assistance to these victims as they recover from the offense. The state introduced the first crime victimization compensation program...
    4 pages/≈1100 words | APA | Law | Essay |