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
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