By V.S. Cooper
People all around the world see Capitalism and Socialism very differently. Some see one as superior to the other. Some see one as the source of many world problems. Some are indifferent to both. The key thing is both are possible, but can it be proven if one is better than the other?
When asked “Capitalist or Socialist” there are many factors to take into account. The Theory behind each idea, the ideology in practice, the emotional impact of each, and how it can benefit man as a whole. Even after all these things are turned into data, for there can still be no definitive victor; it’s all a matter of opinion.
Capitalism; A one sided system or the greatest thing that made sliced bread?
Many modern “Western” countries use a capitalist esque system in economics. Such usage has been in place well back to the time of the Industrial Revolution. Thoughts in this time produced an ideology where economics are determined, based upon private enterprises driven for profit. It creates and maintains competition, since the state has no part in the economy whatsoever, limiting limitations in the market. It emphasizes advancement for the sake of wealth, and should be theoretically self propulsed.
An Eighteenth century man by the name of Adam Smith once said “No complaint… is more common than that of a scarcity of money.”, This man will go on to be considered the father of modern capitalism, defending his ideas saying that it will help al economically in the end.
Capitalism has been an idea that has proven to be successful in world economics, given the prosperity of nations which adopted it or ideas like it. If it wasnt for the Capitalist ideals of competition in the early industrial societies, we may never have gained various commodities that we have today.
Yet, there are still flaws with capitalism in practice. People can abuse the lack of regulation to their advantage, mainly by forming trusts or agreements with providers of the same or similar products; the outcome of said trusts is generally an increase in cost. It is, however, self correcting in the long run, for competition will cause prices to fall again for the sake of gaining consumers.
Is Capitalism really the best economic system for humanity? “Modern” people certainly thought so since it advanced the industrial revolution. But, will it truly benefit us in any great way in the future? Only time will tell.
Socialism: An idealist dream or a true blueprint for society?
Socialism is described in the Oxford dictionary as “A political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.”. In layman’s terms, the people as a whole regulate all aspects of the economy and government.
In theoretical utopian socialism, the goal of the all is to live harmoniously in a society with no social or economic distinctions. The government would have complete control, at its digression, over the economy. Could a society like that ever happen? Perhaps, but it will be bitter work. Its a very appealing idea, living without class or wealth-based limitations, but are we able to truly reach it? Even the term Utopia as we know it came from a 1516 book by Sir Thomas More in which he described a perfectly socialist lifestyle.
Yet, Socialist ideas persist, for many Western civilizations as we know it adopted many socialist policies, such as the idea of income tax to try to”balance the scale” of classes. Countries like France and Great Britain have been slowly moving away from socialist ideas of late, whilst America has been moving towards socialist policies. This idea of creating “utopia” within countries by democratic means is one way socialist ideas have flourished.
Men like Marx and Engels saw Socialism as a social science, and tried to improve on it, by creating Communism. This new ideology became used in socme nations in recent history, and none has of yet been a “true” communist society, with the grand end of all social classes.
Is Socialism really the best economic/political system? Will people be open to more socialist ideas in the future? Who’s to say. But one things for certain, it’s unlikely to go away while capitalism is still around.
By this point you’ve most likely came to your own personal conclusion on which ideology is better, but that does not mean everyone will agree. Some will adamantly defend Capitalism for all the good its done for modern industry and marketing. Others defend Socialism for its romantic view of how life could be and how much better society would be.
In the end, it all depends on how you value the logic of each idea. Only time, the great ravager, will tell us which one will propel us to the future,
The Student Tribune 