...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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...that America is truly run from the government and we have no choice; but, compared to other countries, America has a lot of freedom when it comes to the rights of the individuals. The economic system that the United States uses is capitalism. Capitalism is the economic system that is also known as the free market system, and is based off on private ownership, economic freedom, and fair competition. Other countries, however, use socialism as their economic system. Socialism is based on the 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,...
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...Microeconomics Paper: Economic systems Yang Cong Professor Memmos Aug 1st, 2012 Table of Contents 1, Introduction of economic systems 2, the analysis of capitalism 3, Example of capitalism: the U.S. 4, the analysis of socialism 5, Example of socialism: China 6, the analysis of communism 7, Example of communism: North Korea 8, my favorite one is socialism 9, Conclusion There are three main economic systems in the world which are capitalism, socialism and communism. Nowadays, most developed countries are capitalism and they have certified that capitalism is better; the greatest developing country which owns the second high GDP in the world, China, is socialism, it seems that socialism is not bad; only a few countries are still communism like North Korea which has a low economic increment speed. Different systems have their own advantages and disadvantages, so it is necessary for the government to figure out which one is suitable for their countries. “Capitalism is an economic system that is based on private ownership of the means of production and the creation of goods or services for profit. Competitive markets, wage labor, capital accumulation, voluntary exchange, and personal finance are also considered capitalistic (Wikipedia).” Capitalism can greatly promote economic development, this is the main feature of capitalism. The necessary material of human is produced by human labor, the purpose of economic activity is to save labor time which is also the greatest...
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...| | |The 2008 Financial Crisis | |A Review and Critique | | | |Nicholas Makris | |12/4/2012 | | | Introduction The 2009 economic crisis was significant for two reasons: the rapid rate at which the free market constraints were dropped, and the lack of any stable resolution by the Left (Mellor, 2009). Tenets pertaining to market domination suffered a lethal crack owing to multiple nations realizing the inessential communization, rather than the actual, of economic arrangement (Mellor, 2009). The core of the problem was complicated, but simplification showed...
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...extent has New Labour abandoned its socialist ideologies? Socialism is an ideology that rejects the work of the individual and instead prioritizes the work of the collective and believes the products of the work by the collective should then be distributed equally. Socialism corresponds with equality of outcome which means that it stifles the opportunity for progress or wealth and Winston Churchill considered it “the equal sharing of misery”. In order to combat this negative image, Tony Blair implanted the third way; an amalgamation of the better elements of socialism and capitalism. However, in order to achieve this amalgamation, Blair had to reject several socialist beliefs. Prior to Blair’s leadership of the Labour party in 1994, the Labour party was exclusively a party for the working class and had been since its start in the 1900s. Founded out of trade unions and the socialist parties of the time, it was essentially a parliamentary pressure group at first, campaigning for the rights of what they believed were the majority. Because it was a party born out of industrialization, it is understandable that it would focus on conditions for the workers it represented which, particularly in the 1900s, were very poor. The Labour Party in England followed the doctrine of evolutionary socialism, perhaps because it identified there was efficiency in a capitalist market as well as the moral vision of socialism. Evolutionary socialism believed in gradualism and corresponded with the Fabian...
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...discussed the vices and virtues of tradesmen and merchants. In the Old Testament there are discussions on the topic of fraud, theft, proper weights, and competition; in the New Testament business ethics as it relates to poverty and wealth are discussed (Hoffman, Frederick, & Schwartz, 2001, p. 3). In current times the discussions of Business Ethics is moving towards a different approach. There will always be organizations more concern about the financial interest of the shareholders than the consumer; however, there is now a growing interest among US companies to corporate social responsibility as a way to benefit both the community and the organization. This paper will briefly compare and contrast the various theories of economic Justice of Fairness, Distributive Justice, Utilitarianism, Capitalism and Morality, and Socialism; and reveal the one theory I believe to be the most practical; and the best theory of economic justice as it applies to the “fairness in hiring and promotions, and employees’ rights and duties.” Justice of Fairness includes components of the Principle of Liberty that every one deserve the right to basic liberties; and the Principle of Equality falls in line with the distributive justice for social and economic liberties to be arranged so that they are the greatest benefit of the least advantaged and fair equality of opportunity. Rawls’ point of view on the Justice as Fairness is to be fair and impartial in making decisions about fundamental principles of...
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...COVER SHEET Learner: Aulton C. Mitchell | | 7019-8 | Jennifer Scott | | | MGT | Michael Novak: Capitalism and the Corporation | | | The topic of ethics just seems to be hard to define when using other peoples’ writings but I never have an issue of explaining my stand on ethics. ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- Faculty Use Only ------------------------------------------------- <Faculty comments here> ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- <Faculty Name> <Grade Earned> <Writing Score> <Date Graded> Introduction The problem to be investigated in this paper is the relationship between capitalism and the corporation and how socialism will affect this relationship. In the ever expanding economy, the government is trying to cash in more and more by taking over the capital owned by firms. The firms have to try to survive by doing whatever it takes to keep the government from overtaking their capital. In the big picture, firms what to make a profit but also provide a benefit to the society as a whole. We have to look deeper to explain what socialism and capitalism really are and what the corporations are really trying to do. Social Responsibility of Business Friedman said that...
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...better managing and regulating capitalism – that is, striving for “good capitalism” – and those who hold anticapitalist positions. The author of this article argues that a Left that does not give up on the generation of alternatives to capitalism but at the same time is responsible for governing, should think about a “great transition” without losing sight of the horizon of a “great transformation”. This article analyzes the Yasuní-ITT Initiative and presents it as an example of how to merge concrete and innovative proposals (transition) and utopias which go beyond capitalist development (transformation). Key words: Left, Capitalism, Good Living/Sumak Kawsay, Yasuní-ITT The world does not need alternatives for development, but alternatives to development. The world does not need to “better” use capitalism, but to transform it. That is the great historical challenge that the Left should take on, both intellectually and politically. The concept of “development” has been recycled and reborn again and again for all its critics and detractors. However, in a strict sense it has never been questioned as a concept, nor how to best achieve it. Whereas “human” development, “sustainable” development, development “with a gender perspective”, etc. are important advances to create world that is more humane, environmentally friendly, and equitable, they do not seek to change what is at the root of the accumulation and (re)distribution models inherent to capitalism.2 Taking this into account...
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...When a social system and its productive relation are no longer compatible with its demand for productivity development, people are going to overthrow that system and introduce a new one suitable to current economic situation. In the case of Europe, when history rolled its wheel to 1500’s, such a situation applied. In this century, alongside the great discovery, the activities of Europeans was suddenly not confined to the continent and the neighboring waters, but reached great remote oceans and any corners of the world with their vessels and compasses. Trade and commerce grew exponentially as several small nations like Spain, Portugal, and later Holland became masters of the sea and the route of their vessels reached more and more land and the people on it. The great discovery changed, to a great extent, the people’s outlook on the world and the development of trade and commerce facilitated by this discovery increased substantially the riches of European countries and their people, propelling the economic development to such a point that the old social structure became compatible no more. On the other hand, the Renaissance emancipated people’s mind and facilitated the spread of ideas as freedom, equality and democracy which are essential to the founding of modern society. If the great discovery updated people’s physical outlook on the world, the Renaissance transformed their conception upon society and human beings. They became more conscious of the position they were in and...
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...Piyarat Siripoksup HIS 17B Paper I October 23 2014 The rise of the industrial revolution in the nineteenth century created many new industries, improved the economy, and made the United States a top destination for immigrants. Consequently, industrialization led to the exploitation of the working class and the rise of the socialism1. The Jungle by Upton Sinclair illustrated the fate of immigrants in Chicago in the meatpacking industry, the harsh realities of life in the city, and the truth about opportunity in America as a result of capitalism. Through vivid imagery, metaphors, and symbolism, Sinclair described the horrors of industrial capitalism through the portrayal of the poor working and living conditions and annihilation of the Rudkus...
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...Socialism and Capitalism A Theory of Economics, Politics, and Ethics Hans-Hermann Hoppe The Ludwig von Mises Institute’s Studies in Austrian Economics Department of Economics University of Nevada, Las Vegas Kluwer Academic Publishers Boston/Dordrecht/London Distributors for North America: Kluwer Academic Publishers 101 Philip Drive Assinippi Park Norwell, Massachusetts 02061 USA Distributors for the UK and Ireland: Kluwer Academic Publishers Falcon House, Queen Square Lancaster LA1 1RN, UNITED KINGDOM Distributors for all other countries: Kluwer Academic Publishers Group Distribution Centre Post Office Box 322 3300 AH Dordrecht, THE NETHERLANDS Library of Congress Cataloging-in-Publication Data Hoppe, Hans-Hermann. A theory of socialism and capitalism : economics, politics, and ethics / by Hans-Hermann Hoppe. p. cm. Includes index. © 2010 by the Ludwig von Mises Institute and published under the Creative Commons Attribution License 3.0. http://creativecommons.org/licenses/by/3.0/ Ludwig von Mises Institute 518 West Magnolia Avenue Auburn, Alabama 36832 mises.org ISBN: 978-1-933550-73-2 Socialism and Capitalism Hans-Hermann Hoppe A Theory of Acknowledgements Three institutions assisted me while I wrote this treatise. As a Heisenberg Scholar I enjoyed the most generous financial support from the German Science Foundation (DFG) from 1982 through 1986. The present study is the most recent work I completed during this period. Additional support came from the...
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...Discussion on Tragedy of the Commons | This paper intends to discuss the basic theories within the scope of the tragedy of commons, especially from the ethics perspective. In addition, the paper also explicitly explores two possible ways to solve the tragedy of the commons, the free market solution and the socialism solution, and applies these ways to a real case of Euro’s Tragedy. In the end, referring to Elinor Ostrom’s theory in 2009, the paper recommends the collective agreement from the moral perspective to be the possible ideal solution to the tragedy of the commons. | | Contents 1. Introduction 1 2. Formation 2 2.1 Theoretical explain of the formation 2 2.2 Hardin’s grazing model 4 3. Ethics Involved 5 3.1 Ethical Egoism Theory 5 3.2 Utilitarian Theory 5 3.3 Moral Foundation Theory, Virtue Theory and Confucius 6 3.4 Right Theory 6 4. Solutions to the Tragedy 7 4.1 Free market solution 7 4.2 Socialism solution 9 4.3 Comparison of the Two Solutions 10 4.3.1 Attitude towards self-interest 11 4.3.2 Attitude towards common resources 11 4.3.3 Government Function 11 4.3.4 Incentive structures 11 4.3.5 Outcomes 12 5. Case of Euro’s Tragedy 12 5.1 How Euro’s Tragedy Happened 13 5.2 How it related to Tragedy of the Commons 14 5.3 Free Market Capitalism Solution and the Tragedy of Euro 14 5.4 Socialism Solution and the Tragedy of Euro 15 6. A Third Solution 17 6.1 Ethical Obligation 17 6.2 Cultivating Ethics 17 6.3 Elinor Ostrom’s Theory 18 ...
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...means, but its meaning is disputed. It encompasses several large processes; definitions differ in what they emphasize. Globalization is historically complex; definitions vary in the particular driving force they identify. The meaning of the term is itself a topic in global discussion; it may refer to "real" processes, to ideas that justify them, or to a way of thinking about them. The term is not neutral; definitions express different assessments of global change. Among critics of capitalism and global inequality, globalization now has an especially pejorative ring” (Lechner, 2000-2001). Episode 1 The first hour of episode 1, The Battle of Ideas, covered various aspects of different world economies and why globalization was important to the world. The video took the watcher through a tour of the decades, from 1917 to 1947 and the economic changes that happened during the various wars around the globe. The Commanding Heights video covers the several aspects of Marxism, socialism, communism, capitalism, Bolshevism, fascism, and totalitarianism. At the hour mark in the video, India is looking at the “communist countries...
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...#1: ENTREPRENEURIAL LEADERSHIP Introduction This paper analyzes and describes the founding leaders, their leadership styles, and major business principles. It also describes founding leaders with profit orientated and social responsibility orientated approaches. Finally, it gives resources or tools available through Small Business Administration (SBA) and Service Corps of Retired Executive (SCORE) that would be most useful to the type of entrepreneurial approach identified with. Founding Leaders, Leadership Styles and Major Business Principles In the profit oriented leadership style, in which the primary goal is to provide a product or service to consumers and to make a profit, the founding leader is Adam Smith. Adam Smith is identified as the father of capitalism. His leadership style is based on the capitalist model of Laissez Faire. Laissez-Faire leadership style is a non-authoritarian leadership style. Laissez faire leaders try to give the least possible guidance to subordinates, and try to achieve control through less obvious means. Capitalism is an economic system in which the primary motive is to make a profit with little or no regards for the welfare of the population. For example Adam Smith said, “Nobody but a beggar chooses to depend chiefly upon the benevolence of his fellow-citizens. Even a beggar does not depend upon it entirely” (Smith, 2005, p.18). Adam Smith described the concept of capitalism in his book, The Wealth of Nations, published in 1776...
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...core concepts within society, the mean of production is ultimate detriment of all of aspect and all its populous dynamics. The capitalistic nature of American society in juxtaposition to the exploitative mean of production is unsatisfactory for many and truly beneficial for some. Many individuals being exploited believed this to be self-evident, with labor and taxation being the oppressors mean of production. To truly understand to political organization of a party one understand its economic intention. The way in which history has unfolded has been purely economic; the mitigation of the black population in has been systemic. The canonicity of slavery and Jim Crow laws detailed the contagion of discrimination intrinsic to American capitalism. Many freedom groups during the period of slavery and the civil rights movement exalted their manifestos of liberation in an attempt quell their indignation towards the system of oppression that they...
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