Capitalism: Strengths and Weaknesses Essay Example

In other words, the rich keep getting richer and poor keep getting poorer. Another weakness of capitalism is that is makes a society that is geared toward money. Making profits is the main goal of businesses. This profit seeking mentality of business can give way to unscrupulous and unfair competition practices, such as monopolizing an industry by buying out smaller businesses; effectually perpetuating the negative affect of those that have can those that don't can't.

Communism

A strength of the communist society is equality for everyone. Regardless of a person's ability to work, or lack thereof, the government will provide for the needs of individuals. Therefore, if you are unable to work your needs will still be met. This equality approach eliminates the vast differences in socioeconomic statuses which is common within capitalism. Within a communist society there is a very low incentive to work, to create, or to innovate, since everyone's needs will be met regardless of how much or how little work you provide.

This weakness causes the communist society to have very low production, creating a shortage of even the most basic of needs; therefore hindering economic growth. Fascism Perhaps the best strength of fascism is the ideology behind fascism. The theory is that you have a society of individuals working together for a common goal which is the goal of the government; therefore, creating a stronger state. These goals are realized through a strong and authoritative government.

However, the basic ideology behind fascism removes a simple and basic trait of human nature, free will. I believe that this is its greatest weakness and the reason that fascist societies have been rather

temporary. If you have a large group of people with different ideas of how to make the state stronger which differs than that of the government, it leads to civil unrest. Socialism A strength of socialism is its ability to create equality for everyone through social benefits. Social benefits within socialism are more elaborate than other forms of economic systems.

This strength creates an attitude of working for not only the good of you but also for the good of everyone; and, therefore creating a society working as one to promote themselves and their neighbor. This ideology creates an incentive to work. As a result of the social benefits available within a socialist economy the government requires more resources, which is subsidized through very high taxes imposed upon the middle class and the rich. Basically the government penalizes entrepreneurial ability by distributing the benefits gained from personal effort to the poor.

This weakness of socialism promotes economic stagnation. My choice of "Ism" While all four of these economic models have their pros and cons, I prefer to live in a self-perpetuating capitalist society because it caters to my basic human need of free will. I am a firm believer in the fact that if you want something you have to work for it. I believe that your personal efforts should lead to personal gain. And I believe that I should have the free will to be able to decide what to do with my personal gain.