lesson 30 capitalism vs socialism.doc

7/27/2019 Lesson 30 Capitalism Vs Socialism.doc

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Capitalism vs. Socialism

This article is a discussion on the famous socialism vs. capitalism debate. It will talk

about the major points of difference between socialism and capitalism. The socialism vs.

capitalism debate is a battle between two extremely different economic theories. These

theories represent two inherently opposite ways of thinking. While capitalism is veryindividualistic, socialism believes putting the society before the individual.

The primary (main) point of difference between socialism and capitalism is regarding

the ownership of businesses, resources, and the means of production. Socialism

rejects private/individual ownership of land, resources, and businesses. Instead, thegovernment should own all land, resources, and businesses. Everything in a socialisteconomy should be shared. All decisions about what should be produced should be made

based on the needs of the entire country. Everything thus will be shared. There will beequal wages for all. On the other hand, capitalism believes in private ownership of land

and the right of the individual to conduct their business as they choose. The business

owner will have the right to produce what he chooses, charge any price, and all profitsearned from the business will go to the business owner. Meanwhile, the workers who areresponsible for running the business will get only a small share of the profit. Wages will

be earned based on business owners preference. In capitalism, the power and wealth

belong to a few. In Socialism, power and wealth is distributed equally among the manypeople.

Socialism and capitalism also differ on individual freedom. Socialism asks one to putsociety before the individual, while capitalism puts individual freedom above society.

Capitalist societies promote competition amongst the people. Its all about who owns the

most, who earns the most, who has the best education, who owns the most things, who

has the nicest clothes, who has the new up-to-date technology. Thus, people in capitalisteconomies are only out for themselves, disregards their neighbors, takes advantage of the

less fortunate, and has no loyalty for the bigger picture, their country. In socialist

societies all selfishness is abolished (removed); there is no slavery, no corruptgovernment, and everyone are brothers and sisters. Government leaders in capitalistsocieties are chosen because of bribes, whom they know, and on wealth. No poor person

in a capitalist society could ever be a leader. However, in a capitalist society, people douse their knowledge and money to advance human life. Some of the greatest advances in

human history have happened due to individuals using their money and resources to

conduct research and experiments. In most cases, you can argue those experiments led toadvancements in society, such as medicine. Contrary, socialism, kills peoples creative

streak and their dreams by making a person do what they are told to, to do whats best forthe bigger picture, and to use their resources only to help cure suffering.

In a capitalist society, power belongs to those who are rich and have many resources.

Thus, the rich decide politics, hold governmental positions, and decides policies of

nations. Often, the poor are neglected (forgotten / ignored). In socialism, if all mankindwas selfless and equal in all areas, the distribution of power will be equal. All decisions

will be made to favor the many, and there will be no unjust laws favoring only the few.


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Name_____________________________

Comparing Economic Systems.

Directions In a five-paragraph essay, with an introduction and conclusion, compare

the economic systems of capitalism and socialism. How are they different? How are theysimilar? Which system would you want to be part of? Why? Use the FOUR READINGSfrom the last four days to help you out, in addition to your homework packets. Typing it

will earn you EXTRA CREDIT.

To help you out, your paragraphs should be outlined in this matter:

1) Introduction. Introduce capitalism and socialism. Main idea of both systems.

2) Body 1 - Discuss the pros and cons of capitalism. Be sure to put the information in

your own words and EXPLAIN clearly your thoughts and what you are talking about.

Explain WHY something is a con or pro.

3) Body 2 - Discuss the pros and cons of socialism. Be sure to put the information in yourown words and EXPLAIN clearly your thoughts and what you are talking about. Explain

WHY something is a con or pro.

4) Body 3 - Which economic system do you support? Which economic system works best

you think? Why? Tell me your thoughts and beliefs! Why does the other system not

work? Defend your answer clearly!

5) Conclusion Restate the main points of your essay. State your final thoughts.

Use the outline below to help you start your essay. In your essay, you are to answer the

following tasks. Each task should be at least one paragraph long.

Class Assignment Use the outline below to help you find main ideasand important information for your body paragraphs of your essay.

I) Capitalism

A) Pros

1.

2.


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3.

B) Cons

1.

2.

3.

II) Socialism

A) Pros

1.

2.

3.

B) Cons

1.

2.

3.

lesson 30 capitalism vs socialism.doc

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