Capitalism vs.

Socialism
This article is a discussion on the famous socialism vs. capitalism debate. It will talk about the major points of difference between socialism and capitalism. The socialism vs. capitalism debate is a battle between two extremely different economic theories. These theories represent two inherently opposite ways of thinking. While capitalism is very individualistic, socialism believes putting the society before the individual. The primary (main) point of difference between socialism and capitalism is regarding the ownership of businesses, resources, and the means of production. Socialism rejects private/individual ownership of land, resources, and businesses. Instead, the government should own all land, resources, and businesses. Everything in a socialist economy should be shared. All decisions about what should be produced should be made based on the needs of the entire country. Everything thus will be shared. There will be equal wages for all. On the other hand, capitalism believes in private ownership of land and the right of the individual to conduct their business as they choose. The business owner will have the right to produce what he chooses, charge any price, and all profits earned from the business will go to the business owner. Meanwhile, the workers who are responsible for running the business will get only a small share of the profit. Wages will be earned based on business owners preference. In capitalism, the power and wealth belong to a few. In Socialism, power and wealth is distributed equally among the many people. Socialism and capitalism also differ on individual freedom. Socialism asks one to put society before the individual, while capitalism puts individual freedom above society. Capitalist societies promote competition amongst the people. Its all about who owns the most, who earns the most, who has the best education, who owns the most things, who has the nicest clothes, who has the new up-to-date technology. Thus, people in capitalist economies are only out for themselves, disregards their neighbors, takes advantage of the less fortunate, and has no loyalty for the bigger picture, their country. In socialist societies all selfishness is abolished (removed); there is no slavery, no corrupt government, and everyone are brothers and sisters. Government leaders in capitalist societies are chosen because of bribes, whom they know, and on wealth. No poor person in a capitalist society could ever be a leader. However, in a capitalist society, people do use their knowledge and money to advance human life. Some of the greatest advances in human history have happened due to individuals using their money and resources to conduct research and experiments. In most cases, you can argue those experiments led to advancements in society, such as medicine. Contrary, socialism, kills peoples creative streak and their dreams by making a person do what they are told to, to do whats best for the bigger picture, and to use their resources only to help cure suffering. In a capitalist society, power belongs to those who are rich and have many resources. Thus, the rich decide politics, hold governmental positions, and decides policies of nations. Often, the poor are neglected (forgotten / ignored). In socialism, if all mankind was selfless and equal in all areas, the distribution of power will be equal. All decisions will be made to favor the many, and there will be no unjust laws favoring only the few.

Name_____________________________ Comparing Economic Systems. Directions In a five-paragraph essay, with an introduction and conclusion, compare the economic systems of capitalism and socialism. How are they different? How are they similar? Which system would you want to be part of? Why? Use the FOUR READINGS from the last four days to help you out, in addition to your homework packets. Typing it will earn you EXTRA CREDIT. To help you out, your paragraphs should be outlined in this matter: 1) Introduction. Introduce capitalism and socialism. Main idea of both systems. 2) Body 1 - Discuss the pros and cons of capitalism. Be sure to put the information in your own words and EXPLAIN clearly your thoughts and what you are talking about. Explain WHY something is a con or pro. 3) Body 2 - Discuss the pros and cons of socialism. Be sure to put the information in your own words and EXPLAIN clearly your thoughts and what you are talking about. Explain WHY something is a con or pro. 4) Body 3 - Which economic system do you support? Which economic system works best you think? Why? Tell me your thoughts and beliefs! Why does the other system not work? Defend your answer clearly! 5) Conclusion Restate the main points of your essay. State your final thoughts. Use the outline below to help you start your essay. In your essay, you are to answer the following tasks. Each task should be at least one paragraph long.

Class Assignment Use the outline below to help you find main ideas
and important information for your body paragraphs of your essay.

I) Capitalism A) Pros 1. 2.

3. B) Cons 1. 2. 3. II) Socialism A) Pros 1. 2. 3. B) Cons 1. 2. 3.