Pros And Cons Of Socialism: The Superior Economic System

Interestingly enough, according to statistics from BBC, “only 25 percent of americans in the United States are in favor of capitalism.” As a result, this means there are other economic systems that they would favor such as socialism. Before that, to define capitalism would be to define it as both an economic and political system that countries such as the United States, Canada, and the United Kingdom function under more than others. It occurs when private owners such as companies have jurisdiction of production and distribute whatever is generated to consumers for profit. Moreover, those same private owners control goods and resources from their company and authorize their rule through companies as well. Additionally, this transpires in a free market, a system where prices are determined by unrestricted …show more content…
For example, in capitalist countries, economic growth is at 3.94 percent compared to non-capitalist countries having a growth rate of 0.37 percent(Meltzer). In addition, in the average based capitalist country in the last 25 years since 2010, the average citizen gained a 34 percent increase in income(Independent Institute). These statistics portray how capitalism increases economic growth which is advantageous to society. To clarify, if people are experiencing an escalation of income, it creates economic growth because consumers are able to afford the products of private companies in capitalist countries thus bolstering the economy. Correspondingly, it also decreases unemployment because when companies are acquiring profit and the economy is sustaining itself, more companies are willing to hire people because they have the resources to do so. Ultimately, capitalism raises economic growth proving why it is the ideal economic system but it is not the only