The difference between capitalism and socialism

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Kadesha Bostic
Individual Work-1
Sociology
Week 4
September 20, 2014

Capitalism is define as an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state. 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. Most Americans over 50 were taught that “capitalism” was better than “socialism,” and that America was “capitalist.” More recently, “capitalism” has fallen out of favor. The ostensibly conservative Richard Nixon famously quipped, “We are all Keynesians now,” by which he meant, nobody is a “capitalist” anymore. Few people today are willing to identify themselves as defenders of capitalism. Capitalism is not trendy in our day. A self-identified “socialist” is far more likely to get a teaching position at a major university than one who openly defends “laissez-faire capitalism,” ceteris paribus. In my opinion I think that socialism is more popular due to the fact that social Equality is a consideration for public education is an example of attempting to equalize the minimum education for all people. Also the reason why I think that socialism is more popular in the US is because it covers situations such as medical equality and political equality as well.One positive thing of capitalism is that economic freedom helps political freedom. If governments own the means of production and set prices, it invariably leads to a powerful state and creates a large bureaucracy which may extend into other areas of life. One negative thing about capitalism is that monopoly Power. Private ownership of capital enables firms to gain monopoly power in product and labor markets. Firms with monopoly power can exploit their position to charge higher prices.

One positive thing about socialism is economic equality which is by means of minimum wage, food...
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