Capitalism vs Socialism

Capitalism is an economic system in which the means of production and distribution are privately owned and operated for private profit. This is also known as a free market or free enterprise. In this system you have a mass production of goods, prices are determined by what the consumer is willing to pay, business is set-up to make a profit, and there is a competition for goods being produced. Socialism is the economic system in which the government controls and makes all the decisions they think are best for the society. They set limitations on goods (leaving nothing in surplus), which allow the consumers only able to buy what is produced. Everyone acquires the same annual income, but in some socialist governments they endorse benefits or bonuses to employees. Some believe that capitalism is the most efficient, profitable, and beneficial not only to the economy, but to the citizens of that society. Capitalism is based around the theory of giving individual rights and freedom. This is both fair and moral because each person is responsible for his or her success in life. It is not based on your ethnic background or your status in society. He or she can become anything they desire to be if the hard work and effort is given to the goal. In a capitalistic economic system the government can control monopolies and other corporate corruption. But with socialism the government has total control and there is no system of checks and balances like there is in a democracy. Thus leaving corruption that is uncontrollable and could lead to a fascist party, like Benito Mussolini ran in Italy, a Nazi party (National Socialism), or even become a dictatorship. You have to conclude your research paper with the statement that both fascism and Nazism have failed historically and left their nations in ruin and decadence.

Socialist believes that it is unfair and unjust for people to make more money than others and that every individual should obtain an equal share of income and equally distribute all goods to every citizen. This would be ideal to treat everyone with equality, but this as yet to succeed in any society. The reason for this being is that when everyone is making the same amount of money no one has an incentive or reason to work harder. When writing an essay, you may need to answer such hypothetical questions as 'Why should one go to college for 13 years to become a doctor when a postman receives the same income?' Granted, there could be a very extraordinary human being who was abnormally optimistic, loving life, living life to the full, but it is more likely than the average person would just find the easiest occupation available. This brings us to another point. If everyone is flocking to the average Joe's occupation, how will the government fill the necessary and imperative positions needed for the nation to run efficiently? The only way for this to occur would be to force people into jobs, but if this happens the government has become a dictatorship because it has taken almost all freedom away, giving the people no choice. There have been corporate scandals in America, the most recent being the Enron shenanigan, where many citizens have lost most of their savings. But you must remember that Europe has lost numerous lives, homes, and countries due to government's power spinning savagely out of control. Before anyone thinks about handing their freedom over to bureaucrats keep in mind that Stalin, Hitler, and the Communist Chinese vowed to "even the playing field."