Capitalism: The Right Path for the Socioeconomic Growth of Every Society

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Recommended: Compare capitalism to communism

The economy of the United States of America is a capitalist economy. It is a place where entrepreneurs and business-people alike can not only strive, but also make their dreams come true. Capitalism, in some detail, is a free market system, where the goods of the society are not owned by the governmental body, but by the businesses, and people; the prices of this system are in turn determined by supply and demand, rather than set by a ruling power (Merriam-Webster). Unfortunately, like most things that govern us, it has its opposites. One such opposite, and rather ruthless enemy, is communism.

Ruthless is a harsh word to describe something with such a simple roots: “[t]he word communist comes from the word community. It means that the public at large, and not the individual, owns property and that the benefits are distributed for the common good” (Winder). Though this seems simple enough, like capitalism, it is complicated. Because the community, and generally the authoritarian government behind that community, owns everything, the prices, goods, and wages are all regulated. This means that the individual cannot compete effectively, and take control of a specific aspect of the economy. This sounds like a good thing, unless you consider that the entrepreneurs and innovators of our capitalist society need that competition to succeed. As Lucy Turnbull, a prominent economic leader, and former Lord Mayor of Sydney states, “[t]he best mechanism for realizing the infinite ingenuity of humankind is the market itself” (Turnbull). If the market were not free, our potential for bettering ourselves would be limited. This pushes the point that the capitalism is the better choice when it comes to a population’s economy.

When considered for ...

... middle of paper ...

...pply hundreds of thousands of people with a new service. It will always be what the United States of America has fought for, and grown with, and American or not, it will always be there when you want to be a part of the economy.

Works Cited

Jamieson, Bill. “Capitalism rises phoenix-like from the ashes.” Scotland on Sunday Sept. 2008: 15. LexisNexis Academic. Web. 19 Oct. 2011.

Merriam-Webster, Merriam-Webster, inc., n.d. web. 24 Nov. 2011.

Turnbull, Lucy. “Capitalism is still the only system that works.” Sydney Morning Herald

Aug. 2010: 11 LexisNexis Academic. Web. 19 Oct. 2011.

“Taxing America’s Largest Corporations.” Diagram. Mint.com. Mint Software, inc., 2011. Web. 1 Dec. 2011.

Winder, David. "Communism: the theory and some of the countries that practice it." Christian Science Monitor. August 27, 1984: n. pag. LexisNexus Academic. Web. 23 Nov. 2011.

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