Capitalism and Socialism

Topics: Capitalism, Socialism, Communism Pages: 3 (771 words) Published: December 6, 2013
Capitalism and Socialism
Capitalism is an economic and political system in which individuals own economic resources and industry. In a socialism system, the state plans and produces goods, and either owns or redistributes resources among its citizens. In a capitalist economy, the political system emphasizes competition for resources as a means of increasing wealth and developing personal success. In a socialist economy, the emphasis is on distributing wealth so that individual needs are met with collective capital. Both capitalism and socialism have advantages and disadvantages. However, I prefer to live in an economic and political system that affords me opportunities to own and develop personal success.

In section 1 of the Virginia Declaration of Rights, it states that all men have certain inherent rights. One of those rights is “the enjoyment of life and liberty, with the means of acquiring and possessing property”. This is one of the principles of capitalism. Under a capitalistic society, individuals are responsible for protecting their own interests in the marketplace and within their communities. The potential success of each individual is also valued. People are encouraged to direct their talents in a way that benefits themselves, such as by starting a business or entering a highly profitable profession. Although many argue that this can produce a disproportion between wealthy families and those struggling, I believe that if you work hard and acquire property, you should be able to keep it. “No man’s goods or estate shall be taken away from him” from the Massachusetts Body of Liberties further solidifies the principle of the economic system of a capitalistic society. In no way would I approve of my property being taken away from me and redistributed to others. I strongly believe that the courage and perseverance the pilgrims demonstrated on their voyage and landing in America is a testament to the liberties our nation was founded on. Moreover, if...
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