Does Capitalism Or Socialism Affect Our Economic Freedom?

Living in such a world where independent governments rule over their people there is sure to be much related discrepancy in what is considered to be right and what is considered to be wrong. At the heart of this economic discrepancy lies the question that all humans must ask themselves-socialism or capitalism? Of course, there is a wide governmental spectrum wherein a party can lie and, therefore, the citizen is able to provide their opinion not solely based on socialism vs. capitalism but also based on how firmly they believe in that particular type of government. But what aspects of capitalism and socialism differ and how do these differences affect our economic freedom? Essentially, the political spectrum can be broken down into three main sections: the left, the right and the middle. The left side of the spectrum represents various levels of communism/socialism. Socialism is a political system where there is …show more content…
A socialism government structure defines every contribution to society as equal in terms of wages. Whether you are a retail worker, a teacher, a doctor or a researcher you will make the same amount of money as everyone else. If this were to be the case, most people would lose their motivation to work hard and to conquer difficult fields of work. Many necessary fields of work, such as engineering, medicine, management and law would not be filled appropriately because people would be just as financially content doing a much less stressful and challenging type of work. People would find it very difficult to legitimately commit themselves to their work knowing that their efforts would not be rewarded anymore than another person working half as hard. Without this drive and this motivation to innovate, our world would not progress nearly as fast as it does