In Europe from 1750 through 1914, two economic system emerged, capitalism and socialism. What caused the two systems to emerged? They were a response to the Industrial Revolution where many workers faced different kinds of obstacle. The two economic system left a huge impact both physically and economically to the world. Capitalism is an economic system that focuses on the idea that individuals have their right to private property as well as freedom of production. As for socialism, the means of production and distribution is regulated by the government. Both system are dissimilar in the sense of who has power in production.The political and economic factors that should be influence when making policy decisions should be from those that institute
…show more content…
As for capitalism, economic decisions is based on the individual with the purpose of self gain. Political policy choices benefits everyone within the society and not particularly a certain amount of people. Excerpts from The Theory of Moral Sentiments states about capitalism, “The man of system… is apt to be very wise in his own conceit; and is often so enamoured with the supposed beauty of his own ideal plan of government, that he cannot suffer the smallest deviation from any part of it…” Capitalism enables to provide individuals with their needs because individuals are on their own without the government's interference. That can be a good thing in some sense but it does not benefit the individuals with their needs because it leaves them to make their own decision and plan everything out on their own. As for socialism, “Above all, [the government]... will have to take control of the industry and all of the branches of the production out of the hands of...competing individuals, and instead institute a system as a whole, that is for the common account (good), according to a common plan, and with the participation of all members of society.” (Principles of Communism by Friedrich Engels,1847) Socialism involves everyone within the society rather than capitalism where individuals are independent. With the thought of considering everyone, this …show more content…
Treating everyone equally and letting their voice be heard are main advantages that socialism does for the society. Therefore, these factors of socialism should help guide every individual in the making of policy choices if they believe what is right for the
As for capitalism, economic decisions is based on the individual with the purpose of self gain. Political policy choices benefits everyone within the society and not particularly a certain amount of people. Excerpts from The Theory of Moral Sentiments states about capitalism, “The man of system… is apt to be very wise in his own conceit; and is often so enamoured with the supposed beauty of his own ideal plan of government, that he cannot suffer the smallest deviation from any part of it…” Capitalism enables to provide individuals with their needs because individuals are on their own without the government's interference. That can be a good thing in some sense but it does not benefit the individuals with their needs because it leaves them to make their own decision and plan everything out on their own. As for socialism, “Above all, [the government]... will have to take control of the industry and all of the branches of the production out of the hands of...competing individuals, and instead institute a system as a whole, that is for the common account (good), according to a common plan, and with the participation of all members of society.” (Principles of Communism by Friedrich Engels,1847) Socialism involves everyone within the society rather than capitalism where individuals are independent. With the thought of considering everyone, this …show more content…
Treating everyone equally and letting their voice be heard are main advantages that socialism does for the society. Therefore, these factors of socialism should help guide every individual in the making of policy choices if they believe what is right for the