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Capitalism, Communism, Socialism theyre everywhere in the world many people have

different point of view on how our society runs economically. Socialism is when a social

organization supports the mean of productions, distribution, and exchange should be own by the

community. Communism is when the government controls how everything is

produced,exchange and distribute. Then theres Capitalism where the economic system is run

by private industries instead of the state. Thats is what we are and you may think it's all perfect

but is it necessary perfect. I'm not one to judge what you want to believe but I believe that

Capitalism isn't perfect at all theres flaws into it too. By looking up some flaws of capitalism I

discovered theres more to it than meets the eye. Competition, the essence of the capitalistic

society, rewards those who make good decisions and punishes those who do not. The dog-eat-

dog world relentlessly disposes of waste and inefficiency. Yet in doing so, it mercilessly shatters

an untold number of inflated egos. It is truly shameful. To add insult to injury, capitalism benefits

both the poor and the rich. Indiscriminately. The distribution of wealth based on achievement

needs to be recognized for the sham it truly is. Capitalism doesnt care who you are. It only cares

about what you do. Unfortunately, however, that means you must do something. Thats a major

problem, indeed. Under capitalism, nobody can exploit special privileges to acquire wealth.

Rather, one must pay attention to the needs and wants of others. To make money, one must

respond to those needs and wants, making both himself and the person with whom he does

business better-off in the process. In attempting to improve his own fortune, he can only make

money if he helps someone else, too. What an outrage! ( Diedrich, Joseph S. "The Fundamental

Flaws of Capitalism." The Washington Times. The Washington Times, 31 Dec. 2014. Web. 17 Mar.

2017.) Is this the type of economy that we wanna live in? Even though this is wrong I believe it

should be a mix of Socialism and Capitalism combined instead of just Capitalism. The pros of

capitalism is that we the consumers are able to choose what we want which leads to more
competition and better services. Economic growth and expansion is also good. But there no

inequality in Capitalism which who doesn't like equality? Socialism more focus on equality it

doesnt have to focus on mainly one class.

Back to Capitalism I feel like it would be good for my economy since well have lots of

competition which would me more of that certain item that people want is being made and more

of it is getting sold which means more money for us. Also since the United States is in debt this

would totally help us out in the future. Since I found details on cons on Capitalism I think it

would be fair to get some pros. Economic freedom helps political freedom. If governments own

the means of production and set prices, it invariably leads to a powerful state and creates a large

bureaucracy which may extend into other areas of life. Efficiency. Firms in a capitalist based

society face incentives to be efficient and produce goods which are in demand. These incentives

create the pressures to cut costs and avoid waste. State owned firms often tend to be more

inefficient (e.g. less willing to get rid of surplus workers and less incentives to try new

innovative working practices.) Economic growth. With firms and individuals facing incentives to

be innovative and work hard this creates a climate of innovation and economic expansion. This

helps to increase real GDP and lead to improved living standards. This increased wealth, enables

a higher standard of living; in theory, everyone can benefit from this increased wealth, and there

is a trickle down effect from rich to poor.There are no better alternatives. As Winston Churchill,

It has been said that democracy is the worst form of government except all the others that have

been tried. A similar statement could apply to capitalism.

Socialism would play a different part and according to Kimberly Amadeo she states

Workers are no longer exploited, since they own the means of production. All profits are spread

equitably among all workers, according to his or her contribution. The cooperative system
realizes that even those who can't work must have their basic needs met, for the good of the

whole.That means poverty is eliminated, everyone has equal access to healthcare and education,

and no one is discriminated against. Everyone works at what they are best at and what they

enjoy. If society needs jobs to be done that no one wants, higher compensation is offered to make

it worthwhile.Natural resources are preserved, again for the good of the whole.(Amadeo,

Kimberly. "Pros and Cons of Socialism." The Balance. N.p., n.d. Web. 17 Mar. 2017.)

I feel like this economy would work since it would have a balance out. I know this wouldnt

actually happen and it's impossible in the United States but if it would to be true I would want it like

this. It would be beneficial for all of us in the country instead of the stuff going on in this world today.