Capitalism Vs Socialism Essay
For the last couple centuries, since the Industrial Revolution the world has been experiencing a tremendous wave of changes in the matters of society, economy and political practices. During this time, two major systems emerged as the result and/or perhaps as a response to the many challenges and opportunities brought by Industrial Revolution. The two hemispheres of power, capitalism and socialism are the two most influential systems that throughout modern history have had an impact the social structures, economic methods and political position of many nations. The importance of analyzing the similarities and differences between both systems present an insight to how in the last 200 years, many nations have based their social structure, economic practices and political postures on these systems.
Background and History of Capitalism and Socialism In order to entirely represent the comparison and contrasting between them, it is imperative to analyze their definition and brief description of their history. The dictionary of economics (Black, 2012) defines capitalism as “the economic system based on private ownership of property and private enterprise. Under this system all, or a major proportion, of economic …show more content…
The contrast between the two systems is evident due to the core values that characterize each system. In one side of the hemisphere, capitalism represent the free market, individual pursue of wealth, private property and the production for profit. While socialism, in the other hemisphere, is centralized on production for use, government ownership of industries, social equality and government sponsored