Capitalism vs. Socialism

Topic

Capitalism vs. Socialism

Instructions

Discuss the concept of Capitalism vs Socialism.

Answer preview

In economics, one of the main arguments, particularly in socialism vs. capitalism discussion, is the responsibility of the government and the economic equality. Socialists deem that economic inequality is not good for the community, hence the government has the role to lower it through programs that benefit the less fortunate. According to socialists, some of the programs which can greatly benefit the poor include offering free or subsidized healthcare, free public education, and social security for the aged people in addition to that higher taxes are imposed on the rich (Schumpeter, 2013). On the other hand, capitalists deem that the government has failed to utilize economic resources as coherently as the private business organizations do, and thus community is in an advantageous position with free market ascertaining both economic losers and gainers.

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