Economic Freedom: The Pros And Cons Of Socialism

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Economic Freedom Imagine a world where capitalism was the only ideology. What would it look like? Well, in general, there would be little to no governmental intervening or help given to the people and all businesses would be run and maintained by the citizens instead of the government. However, there are some problems with this totally capitalistic world, especially with corruption involved. To avoid these problems, a socialist view can be inputted instead of capitalist. Socialism is the opposite of capitalism, where instead of no government interference, the government runs everything. This ideology allows many good aspects to be shown in this world; one example is that citizen’s health care and schooling would be totally free, as it is …show more content…
For example, in socialism, everyone is able to receive health care and education for free which benefits people who cannot afford health care or education. This allows the more unfortunate people to receive an equal chance in schooling as wealthier people. Socialism brings people together into one equal class where everyone is equivalent to each other, no matter what (10 Biggest Pros and Cons of Socialism, n.d.). One way of doing this is by the government taxing the rich more percent than the poor are taxed. These extra tax percentages go towards welfare and giving less wealthy people an advantage. Another aspect of socialism is that since the government runs all the business, monopolies and monopsonies are abolished and the prices of products are regulated by the government alone so that an equal chance is given to everyone. However, as history proves, socialism is only possible without any corruption in the government and since full power goes to the government, this can be an …show more content…
A way to get the pros of both ideologies and less cons of both is to have them coincide. By combining capitalism and socialism, the pros combine to become even better and the cons cancel each other out. For example, businesses can be owned by people and the government and they can compete together. This reduces monopoly power and also decreases the amount of control the government has in certain areas. Another example is the opportunity for free health care and education for all classes, rich and poor. One last example is the strive for growing a business and the ability to eventually have a greater income, while the government is still able to provide welfare to the less fortunate without ridiculously taxing the richer classes. It shows that if a country can find a perfect combination of capitalism and socialism so that the government and citizens can coincide and work together, then greater opportunities are possible for

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