Similarities Between Socialism And Capitalism

The United States government is currently ridiculed for its socialistic approach to the economy and simultaneously for its capitalistic approach from the other side. Both of these approaches are significantly different from each other, yet go hand in hand to create an economic system in which a worker can on average expect around $24.50 according to the “United States Economy at a Glance.” The beginning of capitalism started with the creation of the United States of America and in the 1850’s, the beginning of labor unions brought socialism into the USA (“Socialism in America”). With the incorporation of a mixed economy, the country started to protect the rights of the people. Differences between socialism and capitalism are meshed with similarities to create the best system that can be used. The debate of these two economic systems defines and interprets them, changes them historically, and provides proof of different rights given to the people of the governments that implement them.

Socialism is a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole. This means that there is no …show more content…
The leaders at the time had just left behind a monarchy that had taken control out of the people’s hands. The economic system that they were to pair with the democratic-republic that arose would be one that gave the power to the people. Rising from that, the people grew the economy till the point where the class difference became too great and socialism rose to even out the gap between the poor and the rich. This gap was mainly created because of monopolistic practices. Business owners grew in power so much that prices could be marked at anything as there was no competition. The basis of capitalism was gone until restrictions were set by the government and competition