Capitalism Vs Socialism

Improved Essays
Entrepreneur. An entrepreneur is someone to starts their own business or puts their idea into action with a risk to their own financial good (Study.com). According to the Merriam- Webster dictionary an entrepreneur is someone who creates, manages, and finances a business to make a profit.
DEFINED PEOPLE
Winston Churchill. He was the Prime Minister of Britain during World War Two(Biography.com). He was also part of “The Big 3” which also included Roosevelt and Stalin, they were allies in WWII and work to bring peace back (Beloff).
REVIEW OF LITERATURE
Capitalism.com. Capitalism is the result of a free country; America is free, so it is capitalist. According to Capitalism.com, Capitalism is the economic system where individuals are in control
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James R. Otteson has a moral outlook on why capitalism is better than socialism. He mentions a quote from Milton Friedman, “every time capitalism has been tried, it has succeeded; whereas every time socialism has been tried, it has failed.” Capitalism gives people a chance to rise higher above the poverty level and improve their lives. It also gives people the opportunity to start or grow their business. Capitalism is the birthplace for entrepreneurs, and they thrive in the open doors to success presented by capitalism. “Capitalism creates opportunities for people to trade, exchange, partner, associate, collaborate, cooperate, and share as well as learn from people, not only from next door but from around the world,” wrote Otteson. He tells us that capitalism gives people reason to look outside of their communities and work together with different types of people; weather it be people that live only a few miles away, another state, or even another …show more content…
Both systems consider labor and capital to be the primary economic forces. Both systems are labor-centric. Capitalism and socialism agree that the world is composed of an assortment of natural resources that, for the most part, are value-neutral until human labor imparts value to them. Capitalists believe market competition should direct the distribution of labor; socialists believe the government should have that power. Additionally, both capitalism and socialism recognize capital (or wealth) as the rubric against which one should measure the economy. Capitalists believe that private ownership of capital produces the most economic growth; socialists believe the government should control the allocation of capital to promote the greater good of the entire economy, not just the wealthy (enotes). In both capitalism and socialism, the means of production and the products are owned by entities

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