Socialism vs. Capitalism

Topics: Capitalism, Economic liberalism, Socialism Pages: 1 (312 words) Published: February 22, 2013
Julie Marshall and Jean-Paul have many positive negative aspects about each system that they live in.

Julie has many benefits of living in the U.S. with the free-market capitalism. It is the economic system that has led to wealth creation. (Understanding Business 10th Ed.) pg. 35 A lot of the land, factories, railroads, stores and farms are owned and operated by individuals. You can start your business on how you want it to be, hire who you want and pay out what you want. You can also decide if you want to sell goods made in the U.S. or other countries. It is entirely up to you and not the government. With free-market Capitalism you basically have four rights: 1.The Right to own Private Property

2.The Right to own a business and keep all profits
3.The Right to freedom of Competition
4.The right to freedom of choice.
Julie agrees that socialism can create equality than capitalism but it takes away incentives from business people. Those that earn more money have more money taxed from them, that’s why some move from a socialism environment to a capitalism environment. Socialism is based on equality but what if you are working on a project and you do most of the work. On the other hand, another person gets credit for your work without putting forth any effort and gets the same amount of credit as you do. It is totally unfair. Jean-Paul says the benefits of socialism are equality once again stating the government helps everyone to be equal. Like Robin Hood, take from the rich and give to the poor. Workers in socialist countries get better benefits like longer vacations, work less hours per week and have great employee incentives. Both Julie and Jean-Paul have great benefits to both Capitalism and Socialism.
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