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Socialism vs. Capitalism

Socialism and capitalism are slightly opposing scenarios in the world of economics. Despite their nature, they have been used in different settings by different people across the globe. The main arguments in the debate between socialism and capitalism are mainly on the subject of economic equality and the part played by the government in realizing either of the two. The proponents of socialism believe that economic inequality reflects a bad society and the federal government should take full responsibility for seeing such a reduction through programs that are aimed at lifting the livings standards of the poor. Therefore, socialists would advocate for free and good education for the public. Other programs that socialists feel are important to propagate their agenda is making sure that there is subsidized healthcare or absolutely free healthcare services, high taxes imposed on the rich and offering security to the elderly in the society among other issues.

Unlike socialism, capitalism takes a path that is almost the exact opposite of what socialists believe in. There is a belief in capitalism that the government does not effectively make use of the resources it has for the welfare of the public. The implementation of programs by the government from the capitalists’ eyes is flawed. Therefore, capitalists believe that private enterprises are best to work with to ensure the welfare of all. In the circles of capitalism, the society can function much better through the existence of a free market that determines the losers and winners in the economy.

The philosophies behind the two aspects

Capitalism has everything to do with ownerships, operations and trade with an objective of producing gains for shareholders and private developers. The focus is mainly on personal effort and profit instead of considering the society as a whole. There are no restrictions as to who could own the capital.

On the other hand, socialism is about from everyone based on their ability and to each based on the contribution they make. The focus is on profit being shared among the workforce and the society at large to complement individual salaries and wages.

Capitalism and Socialists Nations

One of the biggest economies in the world, the United States is considered capitalistic. It is a scenario of everybody for himself. On the other hand, such democracies as those of Western Europe and Scandinavia are mainly termed as socialist.

All the same, it has been found out that all developed nations have some programs that embrace socialism. While these two different economies exist with different advantages and disadvantages, they have defined various markets both in the developing and developed worlds.