...Miranda Collins Dr. Jeff Kersh English 1010 March 10, 2016 Bernie vs Trump: A Contrast and Comparison of Capitalism and Socialism Getting the right ideas of how an economy should be run is a significant challenge. However, two systems can be used: socialism or capitalism. The United States continues to face this challenge. The current presidential campaign illustrates this important issue. Two candidates exemplify the two economic ideologies. Bernie Sanders adheres to the idea of democratic socialism, while Donald Trump follows capitalism. Capitalism is seen as a system that is mostly based on entrepreneurship, market allocation, and private ownership (Friedman 15). Socialism, on the other hand, is a structure where the control of factors of production is moved from individuals to the state. In light of these issues, below is a comparison and contrast between capitalism and socialism. While socialism helps to even out and equally distribute wealth in the society so that no particular person has control over production except the government, Capitalism does not allow for an evening out, and equal distribution of resources in the society. Also, the government has no control over production. According to Walter (7), Capitalism is “the economic system under which the ownership of goods and services are privately owned, and decisions concerning pricing, investments, and distribution are determined in a free-market system, primarily on the basis of competition among businesses”...
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...In a way, communism is an extreme form of socialism. Many countries have dominant socialist political parties but very few are truly communist. In fact, most countries - including staunch capitalist bastions like the U.S. and U.K. - have government programs that borrow from socialist principles. "Socialism" is sometimes used interchangeably with "communism" but the two philosophies have some stark differences. Most notably, while communism is a political system, socialism is primarily an economic system that can exist in various forms under a wide range of political systems. Comparison chart | |Communism |Socialism | |Philosophy |From each according to his ability, to each according to |From each according to his ability, to each according to| | |his needs. Free-access to the articles of consumption is |his contribution. Emphasis on profit being distributed | | |made possible by advances in technology that allow for |among the society or workforce to complement individual | | |super-abundance. |wages/salaries. | |Economic System |The means of production are held in common, negating the |The means of production are owned by public enterprises | | |concept of ownership in...
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...Capitalism vs. Socialism. “The US is a capitalist there corporations can sue and be sued. They can buy and sell property. They can perform many of the same actions as individuals. A capitalist system is a free market economy or free enterprise.” Belgium is socialism everyone works for wealth that is, in turn, circulated to everyone. Capitalism you work for your own wealth. A socialist economic system operates on the foundation that what is good for one is good for all. Everyone works for their own good and the good of everyone else. The government decides how wealth is spread among the people.” “In a socialist economy, there is no market as such. The government provides for the people. The taxes are usually higher than in a capitalist system. There may be government-run health care and a complete system of government-operated education.” “Capitalism increases the opportunities in the marketplace for personal economic growth. It increases opportunities for entrepreneurs to increase their personal wealth and for societies to grow as well. Hard work is rewarded under a capitalist economy “Socialism seeks to promote equality among people by providing them with many of the same social benefits. Examples of benefits that individuals in a socialist society are provided are educational, health care, and care for the elderly. Socialism means paying for things without necessarily expecting a financial return.” “Consumers and companies control the free market in the US.“ I would rather...
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...There has been much controversy concerning the topic of socialism vs. capitalism. Each have unique and important characteristics that can be beneficial to a society. Therefore, neither the extremes of capitalism nor socialism would be the best path to tread for an economy. Each system has it's on variety of "good" and "bad" for the people and their governments. And both good parts of these systems can be used symbiotically to create a thriving economy. A capitalist system has many benefits, but if used in an extreme way, can ultimately bring much destruction. Capitalism grew during the industrial revolution. Businesses grew, prices lowered, and things were made my readily available through factory production. With this great amount of growth...
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...What are Business Ethics? Meaning Ethics is a branch of social science. It deals with moral principles and social values. It helps us to classify, what is good and what is bad? It tells us to do good things and avoid doing bad things. So, ethics separate, good and bad, right and wrong, fair and unfair, moral and immoral and proper and improper human action. In short, ethics means a code of conduct. So, the businessmen must give a regular supply of good quality goods and services at reasonable prices to their consumers. They must avoid indulging in unfair trade practices like adulteration, promoting misleading advertisements, cheating in weights and measures, black marketing, etc. They must give fair wages and provide good working conditions to their workers. They must not exploit the workers. They must encourage competition in the market. They must protect the interest of small businessmen. They must avoid unfair competition. They must avoid monopolies. They must pay all their taxes regularly to the government. In short, business ethics means to conduct business with a human touch in order to give welfare to the society. Need or Importance of Business Ethics Stop business malpractices : Some unscrupulous businessmen do business malpractices by indulging in unfair trade practices like black-marketing, artificial high pricing, adulteration, cheating in weights and measures, selling of duplicate and harmful products, hoarding, etc. These business malpractices are harmful to...
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...Erica Anguiano Socialism vs. Capitalism December 21st, 2014 Socialism vs. Capitalism Socialist is not state presidency. It does not law over individuals and places, but it could inspire us citizens to decree over things. Socialism signifies a government in which the society together own and constitutionally function the businesses and social services through a financial fairness and the things required to create and issue households, automobiles and all the necessities we need and want. In socialism the workers who control the businesses and services work together. Owning shops and other workplaces. Rankings would designate our direct managers and organization groups and also elect reps to local and national meetings of the business or service. Work with all- manufacturing congress to organize and distribute of all goods and amenities through the nation. Socialism would replace the biased government that is ran by representatives of an industrialized government operated by workers. Instead in its place of a representative from California or New York, there would be employee representatives from the motorized industry, from the transport systems, from the mines, from the clothes factories, from services such as diners, hospices, schools and so on. These representatives would have the single duty of determining what should be manufactured and how best to manufacture it. Today we have political equality only. Labors don’t have economic democracy. The owners...
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...Types of Economic Systems. Socialism Socialist economic systems (all of which feature common ownership of the means of production) can be subdivided by their coordinating mechanism (planning and markets) into planned socialist and market socialist systems. Additionally, socialism can be divided based on the ownership of the means of production into those that are based on public ownership, worker or consumer cooperatives and common ownership (i.e., non-ownership). Communism is a hypothetical stage of Socialist development articulated by Marx as "second stage Socialism" in Critique of the Gotha Program, whereby economic output is distributed based on need and not simply on the basis of labor contribution. The primary concern for socialist planned economies is to coordinate production to directly perceived satisfy human needs/economic demand (as opposed to generate profit and satisfy needs as a byproduct of pursuing profit), to advance the productive forces of the economy while being immune to the perceived systemic inefficiencies (cyclical processes) and crisis of overproduction so that production would be subject to the needs of society as opposed to being ordered around "capital accumulation".[7][8] Capitalism Capitalism generally features the private ownership of the means of production (capital), and a market economy for coordination. Corporate capitalism refers to a capitalist marketplace characterized by the dominance of hierarchical, bureaucratic corporations. Mercantilism...
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...principle that the government should operate some of the key enterprises that affect the welfare of the public. Finally, some countries choose to use communism as their economic system. Communism is based off of the principle that the government should operate and direct almost all enterprises. Clearly, these three economic systems are very different in the way that they operate. In this paper, I am going to compare and contrast the three types of economic systems: capitalism, socialism, and communism. Capitalism, also known as the free market system, is the economic system used by the United States. Because of capitalism, we have what are called fundamental rights. Fundamental rights are rights that the people have because of living in a capitalist economy. Capitalism gives the right to own a business and to keep the profits that are earned after taxes have been taken out. This means that if you earn money from a business, you get to keep it after you are taxed by the government. Obviously, business owners are always hoping for a lower tax rate so that they can earn more profits off of...
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...Revisionist Socialism What is it? Revisionist socialism seeks to reform or tame capitalism rather than abolish it. It seeks to reconcile socialism with capitalism. It seeks social justice in the sense of narrowing the economic and social inequalities (to varying degrees) within capitalism through welfare and redistribution. Social democracy is the most obvious example of revisionist socialism. Revisionists are invariably parliamentary, not revolutionary, socialists. Bernstien Beginning in the late 1890s a diverse group of so-called revisionist thinkers increasingly questioned the validity of a number of fundamental Marxist theorists. They particularly objected to how rigidly Marx's doctrine was being interpreted by his colleagues in Second International. The foremost theoretical spokesman of the revisionist movement was Eduard Bernstein. Bernstein was a German social democrat whose views on socialism had been influenced by his extended influenced by those in Switzerland and particularly in England, where he became familiar with the views of the early Fabian Society. While his own theory of socialism differed from theirs, Bernstein nevertheless shared many of the Fabian beliefs, including the notion that socialism could be achieved by non-revolutionary means. In a series of articles that first appeared in Die Neue Zeit between 1896 and 1899 and later published in the book Evolutionary Socialism (1899), Bernstein laid the foundation for a revisionist challenge to Marxist...
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...Socialism Vs. Capitalism & Everything In-Between. We have all grown up seeing that we live in a world that divides our planet into territories. These territories are bordered by imaginary lines that divide us from them. The borders in which we live play a major role in developing each of our identities, our customs or traditions, the way we conduct ourselves in business and personal endeavors. Some of us have grown up with an expectation of freedom to choose, while others depend on their government to act in their best interest. Depending on what country you call home, you either participant in a free market economy, a controlled economy, or a mixture of both. In this report we are going to look at what creates each type of economy and where we can find examples of each within the world. First we are going to analysis the characteristic of a Free Market Economy. In a free market, the government’s role is to “make sure that the market is stable enough to, properly, conduct business” (Freidman). In purity, the system hopes to “eliminate subsidies for industries, the pre determination of prices, and the amount of regulation controlling certain industry sectors”(Freidman). The implementation of a free market introduced individual property rights, which allows citizens to voluntarily exchange property/resources at a price arranged solely by the mutual consent of the buyer and seller. The seller is free to choose if the price being offered is worth their property; without threat...
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...October 18, 2013 Socialism vs. Capitalism Contemporary History Professor Quincy Harris Capitalism and Socialism are two different types of systems. There lies a huge difference between the beliefs of both. I plan to discuss the differences of each and discuss the pros and cons of both as well as discuss which would be better for Americans. Sometime between 16th and 19th century capitalism first appeared. Once Feudalism failed Capitalism became the stronger system used in the western world. During the time of the Industrial Revolution Capitalism spread throughout the world. In order to become an industrialized nation then Capitalism had to be embraced. Socialism’s movement was started by Karl Marx (intellectual advocate.) Socialism is an economic system characterized by social ownership of the production and co-operative management of the economy. Socialism first appeared during the 19th century. According to (Historyworld.net).The essential characteristics of capitalism only become evident with an increase in scale in two quite separate contexts. One is the formation of joint-stock companies, in which investors pool their resources for a major commercial undertaking. The other, not evident until the Industrial Revolution, is the development of factories in which large numbers of workers are employed in a single private enterprise. Speculative trading enterprises in the Middle Ages are undertaken by individual merchants, operating in family groups or partnerships but...
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...CMNS 445- CHINA Marta Gallegos: marta.gallegos90@gmail.com 778 875 8564 Contents WEEK 1- Introduction 2 Themes in the Course 2 Week 2- Theoretical Approaches to Media, Culture and Chinese Society 3 Outline of Class 3 State and Market Framework 4 Negotiable State market Framework 4 Political Economy Approach 5 Presentation 5 WEEK 3- Media Systems and the Party State (Mao-Reform Era) 6 Anti-capitalistic and anti-imperialistic revolution (1921-1949) 6 Legitimacy 7 Maoist Socialist Practice (1949-1976) 7 Deng (1978-1992) 8 Jiang Zemin’s era- 1992-2002 10 Market Economy and Scientific Outlook on Development (2002-2012) 11 The 5th Generation 2012-2022 11 WEEK 4 11 The Shifting Role of the media: Between the party line and the bottom line 11 Focus on the Bottom line 12 State Control 12 “Popular Culture” in the context of China in post-Mao market reform era 13 The Chinese state (The Party-state) 14 The media-government/state relationship 14 The Media System and Media-State Relationship 15 Maoism/Mao Zedong Thoughts 16 Week 4- Commercial Media and Reconfigured Power Relations 16 The Party/State Structures 16 Different Party Committees 17 Ministries (under the state council) 17 Media System: 18 Central Media Outlets 18 Provincial Media Outlets 18 Universal Values: Two views 18 Week 5- Popular Culture and Cultural Industry 19 Mass Media and Popular Culture in Mao Era 19 Popular Culture 20 Popular Culture in the Mao...
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...Capitalism vs. Socialism CAPITALISM HISTORY The history of capitalism can be traced back to early forms of merchant capitalism practiced in Western Europe during the Middle Ages,[1] though many economic historians consider the Netherlands as the first thoroughly capitalist country. In Early modern Europe it featured the wealthiest trading city (Amsterdam) and the first full-time stock exchange. The inventiveness of the traders led to insurance and retirement funds as well along with much less benign phenomena such as the boom-bust cycle, the world's first asset-inflation bubble, the tulip mania of 1636–1637, and according to Murray Sayle, the world's first bear raider – Isaac le Maire, who in 1607 forced prices down by dumping stock and then buying it back at a discount.[2] Over the course of the past five hundred years, capital has been accumulated by a variety of different methods, in a variety of scales, and associated with a great deal of variation in the concentration of economic power and wealth.[3] Much of the history of the past five hundred years is concerned with the development of capitalism in its various forms, its condemnation and rejection, particularly by socialists, and its defense, mainly by conservatives and libertarians. PRE-HISTORY OF CAPITALISM The Crisis of the 14th century and the "pre-history of capitalism" According to some historians, the modern capitalist system has its origin in the "crisis of the fourteenth century," a conflict between...
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...The conflicting ideologies of government intervention vs. no government intervention in the economy is an argument that has been going since the very inception of this country. Many of the principles are government is based on embody the ideal of a autonomous free market. However, as we have seen not only in this economy but around the world, there really is no such thing as a free market. The government is in some capacity always involved in the economy, whether it be an extreme case like a communist country or to a lesser extent like in a republic. This is why I believe it is a fallacy to even consider a world with a totally free market because this ideal is impossible to completely achieve. Even in our 'capitalist' country, our government implements and has implemented many socialist and fascist-like safe guards and policies within our economy. Whether it be the new deal, bailouts, tax breaks or even helping to establish a post office, the government is very much involved with the economy. And this isn't to say this is a bad thing. Like all things, there are positives and negatives with government involvement in the economy. However, since it is America, there is a stigma with suggesting that our government should head towards a more fascist or socialistic approach to the economy. Maybe in a perfect world a free market would work great. However, if you say that, you must also admit that in a perfect world communism would be great too. What I am trying to say is that both of...
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...The world has changed drastically since 1945, so much so that there are entire classes dedicated to the change brought about by the end of World War II. Between 1945 and 2018, the world has seen the rise and fall of communism governments, has witnessed countries formed and others torn apart. The world has seen empires fall and superpowers rise to take their place, only to become locked in the ideological Cold War that left all in fear of nuclear war. No country remained unaffected by the conflict of the United States (US) and the Union of Soviet Socialist Republics (USSR). Consequently, Cold War politics continue to affect modern the actions and reputations of countries globally even long after its end in 1989. The Cold War refers to the...
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