The Pros And Cons Of Socialism

1994 Words 8 Pages
There are many varying definitions for socialism and capitalism, and many changes in each through the course of human events. Socialism today is seen as a synonym for communism while capitalism is seen as either evil or the only viable option available to us. In actuality, most existing governments use characteristics of both. Socialism and capitalism each have their pros and cons, as well as complex histories and ideals or goals to achieve.
History of Socialism
To start, socialism is simply defined as a social and economic system in which there is common ownership of all means of productions, and in turn an equal distribution of the goods and services produced. Socialism has been around since at least as early as the nineteenth century, but
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There are also many advantages as well as disadvantages to consider when forming an opinion. A main pro is equality, although certain people may still disagree that equality is important. Nonetheless, socialism works towards achieving social, political, and economic equivalence among all people. The idea is for everybody to be held to the same exact standards and to receive the same amount of money and opportunity, disregarding race, sex, class, gender, or otherwise. It is hugely debated that this could either allow the economy to flourish immensely or to stop economic growth at all and the economy would remain stagnant or possibly even …show more content…
A huge debate though, is whether it is a good idea or not. As with socialism, there are many pros and cons. Supporting arguments for capitalism include efficiency, freedom, and financial growth. Capitalism is efficient because in a free market, the suppliers will be pressured to reduce waste and cut production costs for profit. This leads to innovation of workers and economic growth which then increases the final gross domestic product (GDP) and the standard of living for everyone. The main idea of capitalism is that there is a freedom of the consumers and suppliers; you can buy and sell what you want, which many people see as a benefit of the concept. A final advantage is the fact that there are simply no better alternatives. “As Winston Churchill said, ‘It has been said that democracy is the worst form of government except all the others that have been tried.’ A similar statement could apply to capitalism”

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