For most of the latter half of the twentieth century, Americans have been taught to fear and loathe the very idea of socio-economic reform. Instead, like a heavy brick, the principles and consequences of laissez-faire Capitalism have been laid on the back of the American People. America defines itself as a democratic nation, perhaps more so than most others, but its economic and social policies resemble those of an oligarchy. In this new global climate of Blackberrys and instant messaging, should America hold on to its capitalist policies of the past, or should it follow in Europe's increasingly socialist steps?
"The inherent blessing of socialism is the equal sharing of misery” 1 . This statement has come to epitomize America's view of socialism, but is it entirely representative of the doctrine? Socialism, in its most basic form, is simply the pursuit of an egalitarian society where all people, regardless of race or birthright, are treated equally. While there may be many reasons for a country to adopt socialist policies, (universal health care, free education), there are proverbial cracks in socialism's glass ceiling; the redistribution of wealth is always seen as 'class warfare', and socialist societies give no incentives for individuals to succeed. Because of this hostile environment to individual businesses, socialist economies are often dependent on huge reserves of natural resources.
“Capitalism has destroyed our belief in any effective power but that of self interest backed by force”2. In stark contrast to Socialism, Capitalism places importance on the economic freedom of individuals. Also, with its focus on financial freedom and its open economic policies, businesses tend to thrive in capitalist societies. These businesses provide a healthy economic status to the the country in which they operate, lessening its dependence on natural resources. However, socially, Capitalism has its fair share of problems. By its very nature, Capitalism...