Socialism and Capitalism

Topics: Communism, Capitalism, Socialism Pages: 2 (591 words) Published: April 19, 2014
Socialism and Capitalism-Which is the Answer?

In the last century, socialism has been instituted in many countries such as, China, North Korea, the Soviet Union, Cuba, and many other Latin American, South American, and African countries. Socialism has failed in every case to change human nature for the better. Although no single economic system is perfect, we can still choose one that is more compatible with our world today. The two most popular economic systems are; Capitalism and Socialism. Capitalism is an economic system in which all or most of the means of production and distribution are privately owned and operated for profit. Socialism is an economic system in which the ownership and operation of the means of production and distribution are controlled by the government. In Marxist thinking, socialism is the transitional phase between capitalism and communism.

The ultimate vision for capitalism is a world where people work competitively with one another to provide better products and better services. It is a world where each and every person has a chance to decide what he or she will do with his or her life, and how much they will accomplish. The alternative is socialism. Robert Sheaffer says "...The history of socialism is a sorry tale of economic failure and crimes against humanity." Socialism due to human nature will never work. We cannot survive with a community of mutual cooperation and sharing of work. China, North Korea, the Soviet Union, and Cuba are all countries that started socialistic and now are communistic; they are all examples of what America could become.

An economics professor at a local college made a statement that he had never failed a single student, but had once failed and entire class. That class had insisted that Obama's socialism worked and that no one would be poor and no one would be rich, a great equalizer. The professor then said, "OK, we will have an experiment in this class on Obama's...
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