Capitalism Vs. Socialism
Capitalism and Socialism, for many years, have been the talk of the town; two distinct styles of economic social systems which relies on their own strategies, within themselves, to be a successful economy. The countries that have adopted a capitalism philosophy, present day, are the United States, Canada, Germany, and Japan. The countries that have shied away from the capitalism approach and have chosen socialism is Cuba, North Korea, Venezuela, China, Vietnam, and Sweden. And both styles of economy seem to be working really well with their respective countries due to the parameters both economic styles provide.
Competition produces the best results in any society. I agree with that statement. That why, capitalism is economically better than socialism because competition is an important aspect of capitalism. Capitalism is an economic system controlled chiefly by individuals and private companies instead of by the government. In this system, individuals and companies own and have direct control over most of the resources used to produce the goods and services in the free market, which is an ideal situation for any entrepreneur. Such resources include land and other natural resources, labor, and capital. Capital can include factories, equipment, and even any money used in business transactions.
Capitalism stresses private economic choices. Allowing people to feel free in how they would like to earn and spend their income without any interference, unusual it is illegal. Unlike socialism, created by Karl Marx, is when both the social and economic system in a country are controlled and regulated by the government. Property and wealth are shared. With that being said, socialism creates an environment with plentiful resources, providing all members with just enough to obtain a comfortable living, creating a stable social environment. Take a look at Cuba for example. Cuba is probably one of the most Socialist nation in the world, it is...