Capitalism and Socialism

Esteban Arteaga Jiménez.

Febrero 2019.

Domingo Savio Bilingual School.

Cundinamarca.
historia
Capitaliam is an economic and social system based on the means of production must be

privately owned that is, they belong to the people and not to an entity like the state, the

market serves as a mechanism to allocate scare resources efficiently and capital srves as

a source to generate wealth. For conceptual purposes, it is the socio-economic position

contrary to socialism. capitalism has some characteristics among it we find that it has

market freedom this means that it is governed by the free competition of the law of

supply and demand, is of minimum investment, respects private law, has a free price

formation, free enterprise and hiring of work, in addition to this has some advantages

and disadvantages, the advantages are that: There is access to private property,

Entrepreneurship is promoted, Labor forces have been modified to reach the figure of

free wage earners, Everyone can exercise Both their individual rights and those of the

sector to which they belong and in part of the disadvantages we have: There is a huge

competition for money, because this is the only social engine, It does not satisfy the

needs of those who have less, There is a great tendency to monopoly, individual

freedom comes before the rest of human rights. On the other hand, there is the system of

socialism, this is a system of social and economic organization which supports the

abolition of private property since with this the riches would be distributed fairly and

with it the social classes would be extinguished, which generates the collective and state

administration of the media, with this it would be considered that a more just and

supportive society would be achieved; The main characteristics of socialism is that this

system pursues social equality, the abolition of private property as already mentioned,

greater control by the state and finally nationalization of the means of production.