What are the pros and cons of socialism and capitalism?

Summary #

Capitalism and socialism are based on two different ideals. Capitalism’s core ideal is freedom. Socialism’s code ideal is justice. This difference in ideals creates the different pros and cons of the two systems.

Explanation #

Capitalism and socialism are two different types of government. A government exists to maintain peace in society. People are innately selfish. They distrust each other. They can’t resolve conflicts peacefully. They tend to self destruct. A government stops this. It acts as a parent of society. It creates and enforces rules for the behavior of people. These rules curb the selfish behavior of people and keep society peaceful.

Capitalism and socialism differ in the rules of economic behavior. People need goods and services to sustain themselves. Capitalism and socialism differ in how these goods and services are produced. In capitalism, goods/services are produced by individuals/businesses. The means of production (money, land, machinery, intellectual property, buildings, etc.) are owned by individuals. In socialism, goods/services are produced by the government. The means of production are owned by the government.

The difference in ownership of means of production creates numerous differences in the life of people in capitalist and socialist societies. The essence of these differences lies in freedom and justice. Freedom (liberty) is the ability of a person to act as he/she pleases. Justice is the right of a person to be treated fairly in society. There is a trade-off between freedom and justice in all forms of government. A society cannot have both high freedom and high justice. For example, in a free society, weak people will be abused by strong people. In a just society, speech will be censored to safeguard people from verbal abuse. In capitalism, freedom is given higher priority than justice. In socialism, justice is given higher priority than freedom.

The essential difference between capitalism and socialism #

High freedom. Less justice.High justice. Less freedom.

All pros and cons of capitalism and socialism are derived from freedom and justice. The pros of capitalism come from freedom. Its cons come from its lack of justice. The pros of socialism come from its justice. Its cons come from its lack of freedom.

Pros of capitalism #

Pros of socialism #

Cons of capitalism #

Cons of socialism #

This website sets no cookies.