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The Good Sides and Drawbacks of Capitalism and Socialism

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We actually living in a world where two ideology are dominant. Capitalism is an economic system portrayed by private responsibility for merchandise, and the dispersion of products that are resolved basically by rivalry in a free market. Socialism is an arrangement of society or gathering living in which the private property does not exist, including aggregate or governmental proprietorship and organization of the methods for generation and dispersion of products. In general I feel my self being in the part of Socialism because I support the idea of collectivity, everybody bringing together their resources in order to helps the community and those who do not have the means. I feel comfortable paying taxes when I know that my money will be used to improve the environment I am living in or even to help some people who needs medical cares. I will discuss, the good sides and inconvenient of socialism and capitalism which made I choose my side.

First of all, socialism and capitalism offer couples advantages to the system. In one hand, Socialism offers a good structure because, the ways of production depend on those who work so they will no longer overworked. Benefits are spread evenhandedly among all specialists as indicated by their individual commitment. It meets their fundamental needs met for the benefit of the entire society. It gives meet access to social insurance and education. In another hand, capitalism has also some advantages. Organizations give what clients need at the most elevated costs they will pay. Costs are kept low by rivalry among organizations. They make their items as effective as conceivable to increase benefit. This system is in favor of the development of new items. As Steve Jobs stated, ‘You can’t simply ask clients what they need and afterward attempt to offer that to them. When you get it manufactured, they’ll need something new.’

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Although socialism and capitalism have remarkable pros, they have also some inconvenient that should be pointed out. The greatest drawback of socialism is that it is based on the collectivity idea. The competitive individuals will in general look for approaches to topple and upset society for their own addition. A third inconvenient is that the administration has a high influence in this system. This fills in as long as it speaks to the desires of the general population. In any case, government pioneers can manhandle this position and guarantee control for themselves. On another hand, capitalism does not accommodate the individuals who do not have a competitive mind. For the time being, imbalance may appear to be to the greatest advantage for the most stronger. They have less competition. This makes products less expensive and progressively open in the short run. After some time, it drains natural resources, brings down the personal satisfaction, and expands costs for everybody. As stated in the article “Capitalism facts”, “Countries that have capitalist economies today are not 100% capitalist. This is because they all have some form of government regulation to guide business.” Meaning that to keep society working, capitalism requires government involvement to set some rules.

I will stayed on my opinion of seeing me as a socialistic person even if this system have a couple of drawbacks as the fact that if is most difficult to stand out from the others as an individuals with remarkable skills because the system is so focused on the interests of the collectivity. At the opposite, I do not feel myself being part of capitalism but outside of all the drawbacks, it is easier to be innovative as an individual and enjoy of our abilities for a personal or collective profit. On my view, if we could have a system in the middle of the two, it will be better for our world. We will have a diversify market with a lot of competition and innovation, and an involved government to put some regulations for the profit of the collectivity and not of individuals actors.


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