...Capitalism vs. Communism Throughout history, there have been many systems developed in order to have a better society. Two of the most analyzed, and debated systems that have tired to change an economy for the best are communism, and capitalism. Communism, and capitalism have been compared on many levels, such as why they will or will not work, and which one works better. Throughout this essay I will concentrate on the differences, and similarities of how each operates, along with the benefits, and problems that each of them produces. Both of these economic systems theories came about around the same time, in the late 17th to mid18th centuries. One of the main contributor for capitalism was Adam Smith, writing The Wealth of a Nation in 1776, and Karl Marx for communism publishing the Communist Manifesto in 1848. These both were looked as a manual or guide for achieving such advancements. Communism called for the people to not be selfish and work for the benefits of the community rather for their well being. It asks them to see that what benefits the whole, benefits themselves. Capitalism on the other hand is focused on working for individual growth, and personal ownership to provide wealth for one's self. Communism plans to have a higher power or government control the economy to create a better way of living, by which all goods are equally distributed. As capitalism wants the government to not play a big role in the system, but instead wants it to be up to private ownership...
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...Communism and capitalism both make an effort to meet the people's needs. Communism is more controlled by the government. While in capitalism, it is more led by the people. They both have strengths and weaknesses at meeting the needs of the people. Communism is more about the government being in control of everything. It makes everyone among the same social class, and eliminates competition. However, it stops people from going beyond and becoming rich, so it eliminates the possibility of a monopoly. The government controls wages, and how long they work. In document 1, Katia says she likes communism and how you cannot lose your job like in capitalism. An example of communism today is in China. They have a president, Xi Jinping, and the government...
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...Liberal capitalism was as well known and tried system in Great Britain during the 19th century. However, around the late 19th century a new system began to appear, communism. These two systems were quite different when it came to their political and economic views. This new system gave rise to some believing that maybe it was time for Great Britain to change their former system of liberal capitalism to one that is more communist in nature. Others believed it was better to leave the system as it was. To decide on which would be better for the country one must first look at the ideas that lay behind both liberal capitalism and communism. One had to delve into the core of both systems and discover not only the positive implications, but also the possible negative implications as well. The term liberal capitalism is one that was well known throughout Great Britain. It was a system based upon the individual. It was a system that was primarily driven by free enterprise and the existence of classes. The government had very little say in what the market was like; this was known as a free market. The primary view was that this was the best form of economic system due to the fact that the individuals themselves set the amount of production and the prices of those products. David Ricardo believed that the wages received naturally fluctuated to meet the minimum subsistence requirements for workers. As he stated, “The market price of labour is the price which is really paid for it” (“Ricardo...
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...Communism versus Capitalism A capitalist government is better than a communist government for many reasons. The basic concepts of communism and capitalism contrast quite sharply. In communism, everyone is equal; therefore everyone receives the same amount of income. Communist societies are made up of one large state instead of many different states. All means of production and property are owned by the large state. The basic concepts of capitalism are quite different. There are many social classes, therefore not everyone is equal. People earn different amounts of income based on their job. People are allowed to own land and the means of production are not controlled by the government. Companies are able to raise or lower prices of items depending on whether they are high in demand as well. Communist societies have many strengths. They have a very strong army, there is free health care for everyone when it is needed, and there is no poverty. Everyone also has a job, food, a house, and an education. Jobs are administered to people based on their skill and the government makes decisions that are beneficial to the state. Although communist societies have many strengths, capitalist societies have many strengths that communist societies do not obtain. Anybody is able to be an owner of their own business and is able to become wealthy. Capitalist societies have freedom of choice which allows them to be different. People can think what they want to think instead of being forced...
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...CAPITALISM VS. COMMUNISM Capitalism and communism are very different in their political and economic views. The two are economic systems that attempt to solve the social and economic problems faced by many people. They are the two most compared and contrasted of all economic systems, and are compared on many different levels. There are many social problems faced by people in many different countries around the globe some of these are poverty, crime, unemployment, war, and low education. The problem of meeting the needs of the people requires an economic system that can solve these social problems. Finding which one works the best can be an issue. A communist country would be controlled by the government, which is a command economy. A capitalist country would be controlled by the people, who elect representatives. Communism was first written about by Karl Marx and Frederick Engles. A communism, states that all people, regardless of race, gender, or occupation deserves the same rights and social placement. The community owns the resources and production of the country or area. It is said that in communist countries the profit of an enterprise is equally shared by all people, and that all means of production are controlled by the society. The society comes before any individuals in this type of economy, so individual freedoms are not focused on. Since communism is completely run by the government, the government decides the prices on all goods and the price structure of the...
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...Communism vs. Capitalism In Karl Marx's Communist Manifesto, he describes the Communists as the party that "fights for the interests of the working class"(136), while in a Capitalist society, the "living person is dependent and has no individuality-----only capital is dependent and has individuality"(84). That is not the case of today's society once you take a closer view at the comparison and contrast of communist Vietnam versus the democratic United States of America through their economy systems, educational systems, judicial systems, and the life style of their citizens in general. In a capitalist, democratic nation such as the U.S., freedom gives us just about everything and anything that the Vietnamese do not have under their communist government. Contrary to what Karl Marx has written in his manifesto, the living people of a capitalist nation (i.e. USA) of today are more independent and possess more individualities than ever. Economic-wise, Americans are the most progressive people in the world. The U.S. government is not directing the flow of its economy, but the individual businesses of its people are. These people have all the rights in the world to improve their businesses, as long as they are conducting them under the legal guidelines of the government. Such freedom in a capitalist society gives the Americans much greater advantages over the Vietnamese in improving economic conditions. When we touch upon the subject of education, only eighty percent...
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...Republic Government vs. Communist Government A republican government has shown to be more successful and preferred over a communist government because the people have representatives, there is more organization, and there is room for economic growth, all of which allow the government to make decisions with the people, and to better the country. Having a republic government, France has been able to progressively move forward, working with the voice and opinions of the people to better the country, economically and civilly. Cuba has struggled due to the government control over everything. In France, the president serves as the Head of State, the Head of Executive, and the Supreme Commander of Military. After being elected through popular vote from the people (18 years or older), the president then elects a prime minister, who then suggests the Council of Ministers for the president to appoint. The president makes the decisions for his country and enforces the laws with the aid of the prime minister and his Council of Ministers. Together they form the executive branch. The cabinet meets weekly with the president presiding to determine and apply policy through decrees, and to put new legislation before Parliamentary in the form of bills. In Cuba, however, the executive branch is made up of the president (who also serves as the Chief of State and the Head of Government), the Council of State, and the Council of Ministers (the Cabinet). The President of the Council of State proposes...
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...Some may argue that capitalism is a cruel economic system that has been known for the corruption, exploitation of poor people and where greed overcomes anything good. However, the majority will agree that capitalist system is best system in the world of economics. It drives people to do better, as the certain amount of effort will bring the same level of result. There are examples in the history where individual’s wealth was affected by the corporate greed, but with the government regulations history will not repeat itself the same way. Capitalism is all about choices and these choices are made based on the amount of economic benefit we receive at the end of the trade. The connection between the right to own property and the individual liberty has always been emphasized by classical liberalism. Whatever man produces through his honest work, through his own efforts, or what he acquires through voluntary trade with others must be considered rightfully his. The idea behind the free markets is to allow each individual to use his own knowledge and his abilities to improve financial freedom, and based on the knowledge and ability some men may generate more wealth then the others. When the founding fathers agreed that all men are created equal, the liberty, they thought, would come before the equality. The capitalism may not deliver equal earnings for everybody; it does provide an equal opportunity to earn higher income (EBeling p.607). In “A Capitalist Conception of Justice”, Irving...
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...of Contents 1, Introduction of economic systems 2, the analysis of capitalism 3, Example of capitalism: the U.S. 4, the analysis of socialism 5, Example of socialism: China 6, the analysis of communism 7, Example of communism: North Korea 8, my favorite one is socialism 9, Conclusion There are three main economic systems in the world which are capitalism, socialism and communism. Nowadays, most developed countries are capitalism and they have certified that capitalism is better; the greatest developing country which owns the second high GDP in the world, China, is socialism, it seems that socialism is not bad; only a few countries are still communism like North Korea which has a low economic increment speed. Different systems have their own advantages and disadvantages, so it is necessary for the government to figure out which one is suitable for their countries. “Capitalism is an economic system that is based on private ownership of the means of production and the creation of goods or services for profit. Competitive markets, wage labor, capital accumulation, voluntary exchange, and personal finance are also considered capitalistic (Wikipedia).” Capitalism can greatly promote economic development, this is the main feature of capitalism. The necessary material of human is produced by human labor, the purpose of economic activity is to save labor time which is also the greatest feature of capitalism. Through the establishment of guarantees of social capital commenced...
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...that America is truly run from the government and we have no choice; but, compared to other countries, America has a lot of freedom when it comes to the rights of the individuals. The economic system that the United States uses is capitalism. Capitalism is the economic system that is also known as the free market system, and is based off on private ownership, economic freedom, and fair competition. Other countries, however, use socialism as their economic system. Socialism is based on the principle that the government should operate some of the key enterprises that affect the welfare of the public. Finally, some countries choose to use communism as their economic system. Communism is based off of the principle that the government should operate and direct almost all enterprises. Clearly, these three economic systems are very different in the way that they operate. In this paper, I am going to compare and contrast the three types of economic systems: capitalism, socialism, and communism. Capitalism, also known as the free market system, is the economic system used by the United States. Because of capitalism, we have what are called fundamental rights. Fundamental rights are rights that the people have because of living in a capitalist economy. Capitalism gives the right to own a business and to keep the profits that are earned after taxes have been taken out. This means that if you earn money from a business, you get to keep it after you are taxed by the government. Obviously,...
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...Communism PHI 105 July 8 2013 Final Project “I find capitalism repugnant. It is filthy, it is gross, it is alienating because it causes war, hypocrisy and competition” (Fidel Castro). Communism has become a demonized and taboo word around the world,especially in Western society where it is taught that capitalism is the only correct way to govern a society. Many people condemn communism, however so fewunderstand the beliefs and concepts behind communism. It is not correct to say that communism has failed, but rather that a true communist society has never been enacted. In order to better understand communism we must first know the definition of communism. Communism is (a: a theory advocating elimination of private property b: a system in which goods are owned in common and are available to all as needed” (Merriam-Webster). Communism is also defined as “a system of government and ideals where all people are considered equal in an attempt to create a fairer society” ("Communism", n.d.). The base of the word communism is commune. A commune is a “group of people living communally sharing in the work, earnings and property” ("Communism", n.d.). In a commune there is no private property, rather the individuals living within the commune share all property and resources. Also in a commune all profits and resources are administered equally to all those who reside within...
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...By the time 1750 came around, American was experiencing what is known as the First Industrial Revolution (circa 1780-1850). It is hard now to fathom the idea of having to function economically without the use of factories, factory machines, and factory workers. By history shifting from the cottage industry, traditional agriculture, and manual labor into a factory-based manufacturing type systems made of complex machinery, constant technological expansion, and new energy sources and advanced in transportation, we evolved. The entire world evolved, soon to rely on industries to survive. For hundreds of years, life was focused on agriculture. Most people lived in countries because city development was minimal. Most families farmed their own land and hand-made all necessities they needed, including farm tools, clothing, furniture and traded for things they could not develop on their own. Some trade items became more demanding such as thread developed on a spinning wheel or textiles being developed by hand on a weaving loom. This demand is what began the need for more products for more profit. (Riane Eisler (2007)). A chain of inventions in Great Britain was created to develop an increase in the production of manufactured goods. People all over the country began to develop the need for more complex machinery that could complete the task quicker and more efficiently that human manual labor could provide by itself. Two significant rises of the Industrial Revolution are...
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...First Industrial Revolution Kathryn Nicole Lindsey Western Governors University The Industrial Revolution started in England in the late eighteenth century when company men used the power of the streams nearby to help power the factories. Everything use to be handmade before this. Suddenly mills and factories were producing textiles faster than ever with the help of machines. The Industrial Revolution secret soon left England because a young man named Samuel Slater, who stole the technology by remembering the plans for the mills. Slater stowed away onboard a ship and brought America the Industrial Revolution. Slater was then known as the “Father of the Industrial Revolution” which is funny because he actually stole the plans. With the mill and factories growing and expanding at a great speed they were able to add other products to the line such as everyday things like furniture. By the end of the nineteenth century American farmers started moving into the cities were they worked in the factories. The farming industry was not making a lot of money at the time so the families would send their children especially daughter to work in the mills and factories so that they could send money home to help the farm. America then turned from being an agriculture society to an urban society in no time. The largest novelty of the Industrial Revolution was the assembly line which helped make products a lot faster than before. This allowed for prices to drop but also...
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...Assignment On Capitalism Program: M.com (2)years Smester: 3rd (Evening) TABLE OF CONTENTS · Introduction Of Capitalism. · Capitalism vs Socialism. · Capitalism vs Communism. · Types Of Capitalism. · Advantages Of Capitalism. · Disadvantages Of Capitalism. · Criticism On Capitalism. CAPITALISM An economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, especially as contrasted to cooperatively or state-owned means of wealth. It is easy to forget that capitalism was coined not so long ago, in the mid-19th century, when the Industrial Revolution was in full swing, and individual entrepreneurs were creating new industries and amassing wealth. Terms for the other two major competing economic systems of the past two centuries— socialism and communism—were also coined around the same time. Also, about the same time it became common to designate all such coinages as “isms”: terms formed by adding the suffix -ism to a root word in order to expand its meaning to encompass a related system, theory, or practice. Thus from a fairly old word, capital, the relatively newer word, capitalism, was formed to describe the then emerging economies of the West. On the surface, the meaning of capitalism seems straightforward, referring to an economic system in which private individuals, rather than governments...
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...The Rise of Socialism and Communism: Marxism “The classes and the races, too weak to master the new conditions of life, must give way. They must, perish in the revolutionary holocaust” (Karl Marx). Marxism was created in the mid-1800s by two German philosophers named Karl Marx and Friedrich Engels. Since the beginning of the 21st century Marxism has been making a comeback due to Marxism-Leninism in Asia and Eastern Europe, different morals of the upcoming generation, and due to the fact that it is one of the key components of the Communist style government that is being introduced around the world. Marxism-Leninism was created together in 1929, which was 5 years after Lenin’s death, by Joseph Stalin. Many communist parties today imagine it...
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