Socialism to Capitalism

Elizabeth Blackhall
Although they are both forms of economic systems, socialism and capitalism have proven to be very different in ideas and beliefs. Socialism controls distribution and ownership of capital, land, and more throughout the community as a whole. Capitalism on the other hand, does not distribute as a whole. The ownership and investment of production, distribution, and exchange of wealth is kept within private individuals or state-owned means of wealth. These views are complete opposites, yet have been around for centuries together. Socialism is a system that is based on self-management. The means of production is controlled and owned by the government. The community is believed to be more just and efficient through central planning. Individuals are less likely to start a business with his own money, as they will get nothing in return. Although this economic system is known as socialism, it can also be called Marxism, or more commonly communism. Capitalism is based on production for profit. The means for producing goods are owned by a small group of people. They are known as the capitalist class. The capitalist class gains the profits made from productions; the rest of the people being used to gain those profits. A businessman would be more likely to create a company, as he would be obtaining the profits made. Capitalism can also be known as Darwinism or free market. The difference between these two systems is simple. Capitalists believe in an economy where the government does not interfere. Socialists, on the other hand, believe the government should be in complete control. Socialism has not been accepted as well as capitalism because people feel forced to

work for the good of all people. Capitalism has survived because it is based on our selfish human nature. In history, capitalist countries have done better than socialist countries. Although they are both forms of economic systems, socialism and capitalism prove to be very different in ideas and beliefs. Even though they arent perfect, they have provided stability in our countries. Everyone has a different view on capitalism and socialism. Although some may prefer capitalism, others may promote socialism. Either way, these economic systems have provided what they were made to do.