Economic Theories: Capitalism Vs. Socialism

There are several economic theories that have been studied and put into practice since reforms occurring after the Industrial revolutions. Two of the most popular and most discussed economic theories are capitalism and socialism. While these two are highly discussed, which of the two is more beneficial to society? Socialism is superior to capitalism because capitalism creates vast inequalities between wealth as well as in status, while socialism benefits the community as a whole by sharing wealth and property rights.

The first reason why socialism benefits society more than capitalism is because of the intense wealth inequalities that occur in capitalistic societies. For example, The Unites States is the poster child for capitalism, yet is …show more content…
The main goal of socialism is to distribute wealth and property equally throughout the nation, and to overcome the obvious classism that arises in capitalistic societies such as the United States. It aims to abolish the limits of private property and wealth, and benefit the majority of the population instead of create a wealthy high class and leave the rest of the population struggling. Based on these core values of socialism, it is clear to see that it would be better for a country than capitalism would be.

The primary cons of capitalism can clearly be overcome by socialism, and create a better society that benefits the many instead of the few. This is because capitalism creates expansive gaps between the rich and the poor, as well as the highest class and the lowest class. Capitalist societies make it extremely difficult for the poorer and low class individuals to reach even middle class, and a socialistic society would benefit the mass of the population by distributing wealth and property equally and teaching people to care about more than their own