Compare And Contrast Capitalism And Socialism

Register to read the introduction… This is also important for other competitors in this process. In a socialist system, people don’t need to compete for their development because everything belongs to the community; instead of this they compete for political power, which causes much instability in socialist countries.
This harms the development of the countries, and it also helps explain why many capitalist countries are secure, such as the United States and Canada. On the other hand, socialism may be viewed as superior to capitalism because it seeks for social justice and promotes education. Socialism, a general term for the political and economic theory, advocates a system of collective or government ownership and management of the means of production and distribution of goods. …show more content…
Even if almost all the power is owned by the government in socialist countries, author David Schweickart states that production in service to the whole group, equitable distribution of wealth and the lack of social classes are important elements that build social justice in socialist communities (http://74.125.95.132/search?q=cache:xCQW2IDMFgMJ:en.wikipedia.org/wiki/Economic_democracy+David+Schweickart&cd=2&hl=en&ct=clnk&gl=us) .In other words, the only way social justice can be achieved is to eliminate the establishment of classes and the promotion of equality for all people, which is a goal of socialism. By contrast, the existence of economic classes in capitalistic society, such as high class, middle class, and low class, as well as private ownership of property, constitute inequality, exploitation, and misery (“Democratic Socialism”).