Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Capitalism and socialism compared
Comparison of socialism and capitalism
Capitalism and socialism compared
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Capitalism and socialism compared
Socialism has made yet another comeback in American politics with many millennials actually preferring it to capitalism (Thompson). Similarly, it has also come under harsh criticism from the conservative right who claim that those who support it don’t have an understanding of basic economics. This is partly true since many of those who prefer socialism to capitalism cannot even define the word, let alone come up with solutions to implement it (Thompson). That is why I would like to start my essay off by providing a definition. Socialism is an economic system where the government has control over the means of production and evenly distributes capital to its citizens (Edgar 673). The end goal of this ideology is to move humanity towards self-sustenance …show more content…
and create a utopian state. The criticism towards this way of thinking usually comes from a few key arguments. The first—and perhaps strongest—argument against socialism is that the worker has no incentive to work harder, stifling innovation and promoting laziness. Secondly, opponents argue that if a country was to transition to socialism, it would be outcompeted by other capitalistic nations. While these arguments are indeed supported by historical evidence, I don’t believe that socialism as an ideology is inherently bad. Let’s take a deeper look into some of these failed implementations of socialism to see why socialism is denigrated and deemed unachievable in the long run. Though ideas of socialism have been present since antiquity, nothing accelerated its rise quite like the Industrial Revolution (Edgar 673). Once machines began to replace skilled workers, many people who were once part of the middle class had no choice but to join the newly created working class. This class was made up of those who worked in factories for low wages and long hours. Living conditions were very poor for this group of people, which led to unhappiness and a sense of subservience to their employers (Edgar 671). These poor conditions were the breeding ground for socialist ideals, which promised worker retribution and equality among all men. The prospects promised by socialism seemed ideal on paper: no one living in poverty, more free time, and equality among all citizens. Capitalism, on the other hand, breed corruption, income inequality, and unfair treatment of workers. It seemed like a no-brainer that capitalism was the enemy of the workers, while socialism is their redeemer. This was the whole idea behind Karl Marx’s Communist Manifesto, where he claimed that capitalism isn’t sustainable (cn). He argued that once a majority of citizens lose their purchasing power due to job loss or similar circumstances, they begin to affect those at the top, making capitalism collapse on itself. He then offered up a solution: the transition to socialism, and eventually to communism. According to Marx, communism was a more mature form a socialism where the government was no longer needed and the workers controlled all capital. Once his paper was popularized, the notion of universal ownership didn’t seem that far-fetched. It wasn’t until these ideas were put into practice, when the cracks in his theory were uncovered. Tsarist Russia was a breeding ground for radical ideas due to its people being essentially oppressed. This oppression, combined with poor economic conditions, helped to move Russia away from its totalitarian feudal system to a temporary liberal democracy (book). Unfortunately, the temporary government was overthrown by a self-proclaimed Marxist known as Lenin. Instead of following Marx’s traditional path, which stated that you had to first transition to capitalism before attempting to implement socialism or communism, Lenin went ahead and established the first socialist nation, skipping capitalism in the process. In addition, he chose to compliment socialism with authoritarianism, a match that would cause the eventual downfall of the country. Contrary to popular belief, Soviet Russia never progressed to actual communism, and actually managed to move in the other direction towards state capitalism. Some might argue that it was the authoritarian regime that caused the eventual collapse of the Soviet Union, but if you look at the small socialist community of “New Harmony,” you can see that the USSR was doomed to fail either way. New Harmony, which was established a few years before Karl Marx wrote his Communist Manifesto, was a small socialist town democratic in nature. This small community in Indiana, USA, was started after Robert Owen, a rich idealist, purchased a small Christian town called Harmony in 1825. Robert Owen believed that humans, by nature, would work hard to provide for their community. Though the experiment was successful at first, attracting intellectuals who believed a utopian society was achievable, the small town of New Harmony ultimately failed after there was no incentive to work hard. As _ says, there were “a lot of thinkers and not enough doers.” Besides proving socialism’s non-viability, this experiment also proved another notion: ideology is the enemy to progress. After Karl Marx’s death in 1883, one of Marx’s biggest proponents, a German named Eduard Bernstein took over the communist vision.
Though he was a major supporter of Marx at first, Bernstein began to notice that capitalist nations were not collapsing like Marx had predicted, but rather thriving. Because of this, he began to question Marx’s theory and began to come up with new perspectives on communism. He called this new ideology called “revisionism.” This new ideology critiqued Marx by arguing that socialism (and eventually communism) can be achieved through gradual reforms in the already established political systems, as opposed to violent revolutions. This idea of Marxist revisionism gained popularity, mostly in Germany where the Socialist Democratic Party gained upwards of 4.5 billion votes, but also with the Labour Party in Britain. In Germany, communists split off from the social democrats and voted against them. In turn, this significantly weakened their power and led to the rise of fascism. After Hitler’s rise to power and a second world war become an inevitability, other socialist movements were halted. The two exceptions to the rule were in Sweden and Canada. In Sweden, the Sweden Socialist Party managed to counter large scale unemployment with extensive social policies. Canada followed a similar path to socialism as Sweden with the exception that their party was mainly comprised of rouge farmers who left the United States in search of better opportunities. These …show more content…
farmers created the Cooperative Commonwealth Federation, which later became known as the New Democratic Party. Socialism in the United State never took hold like it did in Europe or Canada until after WWII, when the first few social policies were implemented. I believe this was due to a combination of the United States’ relatively strong economy and widespread labor union participation among workers. A notable figure who advocated for union participation was Samuel Gompers, who argued that workers could find retribution through strikes as opposed to revolutions. Because of its success, the United States became the “beacon of capitalism,” which set the stage for an ideological war on communism that has had lasting impacts through the twentieth century and beyond. This war on communism hit its peak around the late 1940s or early 1950s during the height of the Cold War. This period of mass hysteria was known as the Red Scare (soviets were nicknamed reds, hence the name). With it came an entirely new ideology called McCarthyism. This term was coined after the US Senator Joseph R. McCarthy, who led the anti-communist movement in the United States. Senator McCarthy used fear-mongering tactics and accusations to gain power and influence politics. Instead of only targeting communist spies, McCarthy would accuse intellectuals, or anyone else who disagreed with his views, of treason. The fear that any liberalism may be mistake as communist activity successfully pulled American politics to the right, while crushing any liberal movements at the time. In more recent times, it is apparent that America has moved back towards the left in an economic sense.
We even the first self-proclaimed “Democratic Socialist,” Bernie Sanders, running for president to prove it. So that brings us back to the question: is socialism a beneficial ideology? With all of the failures in the past it would be logical to assume so, but there is one thing that many people tend to overlook. The nations that implement pure socialism with no capitalism are always doomed to fail. The same could be said about pure capitalism as well. There is currently no country on earth to practice pure capitalism; even the US has a mixed economy, incorporating socialist aspects like Social Security, Welfare, public schooling, government jobs…the list goes on. While the public sector doesn’t usually stimulate the economy as heavily as the private sector does, it does act as a counter to poverty caused by joblessness and improves happiness across the board. Therefore, to say that one economic system is absolutely superior to the other is as disillusioned as the first settlers of New Harmony were. I believed that instead of engaging in an ideological warfare, we should be focusing on the facts and coming up with solutions on how to improve upon our current economic and environmental worries, as opposed to dismissing information because it’s against our
“beliefs.”
... Mainly a reaction against the unregulated capitalism of the time, socialism proposed that society as a whole should control the means of production, and that the government exists only to oversee its initial phases and then to become nonexistent, leaving the people to govern themselves cooperatively. This movement was inspired by the problems that the Industrial Revolution presented for the common worker. Working conditions, long hours, and low pay made many workers want to band together and achieve a socialist system. Socialism is still important today for several reasons. For one, it helps secure the rights of every citizen and resident unknown. Second, it promotes equality in numerous areas, including economic, political and social forces. Third, it offers a chance for all people to attain medical insurance coverage, regardless of financial or social status.
After reading Socialism Coincides with American Values, I realized the overwhelming number of socialist ideologies that exist within the current framework of our government. There are extensive programs that massive numbers of people rely on for their welfare. As Purdy suggested in his article, some of the Presidents that most would attribute to be our greatest based their platform and administration on what today’s society would call socialism. This situation is perplexing when analyzing whether socialist ideas really do benefit the United States’
Ever since the beginning of the Cold War, Americans have held the word "Communism" to have many negative connotations. Our country has been focused on preventing the spread of that evil form of government. Wars were fought in foreign lands; American lives were lost protecting the world from Communism. Many Americans would be horrified, then, to find that the righteous system of Capitalism actually incorporates many Communist ideas. In fact, many of Karl Marx's radical ideas have reached the most fundamental establishments in the United States government; the government that did everything in its power to prevent the seeds of Communism from taking root in other countries.
In the Manifesto of the Communist Party, what communism is is discussed; this writing attempts to enlighten the world about what communism ideals are. The communist party is pro-proletariat and wants what is best, in their eyes, for the working class people. “The essential condition for the existence and rule of the bourgeois class is the accumulation of wealth in private hands, the formation of capital; the essential condition of capital is wage-labour” (Marx, p. 135). According to Marx and Engels, the reason the bourgeois class exists is because of the labor from the proletariat class; without the capital produced from the proletariat the bourgeois class would not be as successful as they are. “The Communists are no separate party distinct from other working people” (Marx, p. 135). It is being argued that the Communist party is made up of working class people who are tired of their rights being trampled on and want to do something about it. This shows a connection to the proletariat and the Communist party is more likely to gain support by utilizing this approach.
Karl Marx never saw his ideals and beliefs, as the founding father of communist thought, implemented in the world and society because he died in 1883.1 The communist ideology did not rise to power until the beginning of the 20th century. Then it would be implemented and put into practice in the largest country in the world producing a concept that would control half of the world’s population in less than 50 years. The Manifesto of the Communist Party, written by Karl Marx and Fredrick Engels, searched for a perfect society living in equality and united in freedom. According to Marx this could only be accomplished in an anti-capitalist society.2 When their ideals where implemented in the 20th century, their message became warped and disfigured by the leadership of the worlds’ communist powers. Communism became in some ways more and in others less than Marx had first envisioned so many years before in 1848. Marx’s sought a social “Utopia,” while modern communist thought became a view of world domination.3 Many of the centralized governments of modern communism have fallen apart toward the end of the 20th century, confronted with concepts of self-government and revolution. Therefore, it is vital to document the rise and fall of modern communism throughout the world, and review the modern communist thought as it contrasted with that of Marx and Engels over 150 years ago.
Joseph Raymond McCarthy was a Republican Senator from the state of Wisconsin between 1947 and 1957. Between 1950 and 1954, McCarthy became noted for unsubstantiated claims that there were Communist and Soviet spies and sympathizers inside the federal government.
The Communist Manifesto was published in 1848, a period of political turmoil in Europe. Its meaning in today’s capitalistic world is a very controversial issue. Some people, such as the American government, consider socialism taboo and thus disregard the manifesto. They believe that capitalism, and the world itself, has changed greatly from the one Marx was describing in the Manifesto and, therefore, that Marx’s ideas cannot be used to comprehend today’s economy. Others find that the Manifesto highlights issues that are still problematic today. Marx’s predicative notions in the Communist Manifesto are the key to understanding modern day capitalism.
Karl Marx, author of The Communist Manifesto and Das Kapital, was the originator of the political and economic theory of Scientific Socialism (modern Communism). Communism, by definition, is the complete control of major resources and the means of production by government, initially in the form of autocracy. In theory, under this system all would be equal; all would share in both work, according to their ability, and profit, according to need. According to Marx, the proletariat, or working class, would revolt against the bourgeoisie, or wealthy capitalist class, because of the stark contrast prevalent between the wealthy and poor. The new economy, run by and for the people, would produce not for profit, but for the needs of the people. Thus, abundance would rule. Marx further predicted this revolution would occur in Western Europe, the most industrialized and capitalist portion of the world.
“When people in the United States are introduced to the concept of socialism - whether in the popular media or in a high school class - they are presented with a simple equation: socialism = a crippled economy that fails to meet people's basic needs + a totalitarian government” (Robertson). Robertson proves a good point in saying this, because generally children in the United States grow up either being taught that socialism is bad or evil, which is completely wrong, or they end up being taught nothing of socialism at all. It is until these children are exposed to a socialist government, through education or experience (which few usually have the privilege of doing) t...
Socialism is an economic system in which government owns and runs industries and companies. It’s main goal was economic equality and a classless society and it was founded by Karl Marx. When socialism emerged it was embraced by intellectuals at first, then the masses, and finally the governments. Although socialism was a controversial economic system in Europe from 1800-1989, people mainly reacted positively due to opposition to capitalism, agreement to socialist ideas, and trust that the new system will not fail.
This article condemns socialism as anti Christian philosophy. From beginning to end, its hateful tone and description of socialism does not change. In the first paragraph, it already denounces socialism as a deadly plague creeping into society. Later, it ends with calling socialism a step into wickedness.
Socialists suggest that social stability and cohesion is the leading method towards of social equality, and therefore prefer cooperation to competition, and favour collectivism over individualism. As socialism’s core value is equality, it is often referred to as egalitarianism. Due to the distinctive gap between social classes, the goal of socialism is to eliminate class divisions by promoting freedom for the need of material and basis personal
Democratic socialism is not a "free for all" system and it is not a governmental "cash cow" for the lazy. The United States total discretionary spending on social services is twelve percent and its mandatory spending twenty-two percent. America’s welfare spending is one of the last in line when it comes to funding. Even with these facts alone it is still often misconstrued that all "socialism
In an article titled Socialism Is Not Harmful they instead believe that democracy and socialism complement one another and that the corporation and the society should meet the needs of all people (2). The Democratic Socialist do not believe that the government should own every business, but that businesses should be ran by the employees who work for them (2). Their main goal is to get wealth into as many peoples hands as possible. What they despise is not the very rich, instead what they are actively speaking against is the gap between the very rich and the rest of the working class. The remainder of the article is spent trying to discredit myths spread about socialism, such as the government wanting to own everything and assuring people that they are not
While there are certainly arguments against socialism, the arguments against it outweigh. Socialism is better because it allows for the government to provide for the basic needs of all citizens—this is impossible in a market economy, and outweighed by the negative aspects of a command economy. In a time of great national economic and political turmoil, it is important that a consensus be made as to the best economic system for the U.S. and the rest of the world. In my opinion, this best system is socialism.