Communism vs Capitalism Essay Example

is a system that will benefit a nations people economy and government over a extended period of time Capitalism is the economic system that has reigned supreme in the last 200 years but has been declining due to the shift the communism under capitalism people inside the country are allowed to produce any and as much of a something as they wish making the economic markets more open. In a book titled the wealth of nations by Adam smith he writes “capitalism was the most logical, lucrative, and moral political and economic system.

In this system, individual people are free to own property and do with it what they wish, they can also spend and earn in the manner they see fit. Privately owned property combined with the desire to earn, spend, and act productively leads to the natural market functions of the free market economy. The free market economy is dictated by competition which leads to the fairest prices and causes only the most efficient producers and consumers to benefit. Capitalism is not a political or economic philosophy that only benefits the rich but everyone, because private property exists, everyone has the chance to own, create, and earn their own living” (Smith. , 10).

Many countries around the world have been successful with capitalism for example the united states has run on a capitalistic system being very successful propelling the U. S to the top economic and world power in the world even Karl Marx the father of communism somewhat liked capitalism stating “No other social system in history , had proved so revolutionary. In a mere handful of centuries, the capitalist

middle classes had erased almost every trace of their feudal foes from the face of the earth. They had piled up cultural and material treasures, invented human rights, emancipated slaves, and toppled autocrats, dismantled empires, fought and died for human freedom, and laid the basis for a truly global civilization. ”(Marx. ,145).

Also like communism, capitalism benefited the economy and because of the free markets people are most likely more pleased with filling their own quota Than that of a controlling and demanding communist state who owned all of the land like lords owned land and surfs were brought to farm it in the feudal age Both capitalism and communism were positive in their own ways and also negative in their own ways but to find the dominant force one must compare the pros and cons of both economic systems that are the most popular in the world today. “The primary point of difference between capitalism and communism is regarding the ownership of 'means of production' or resources in general” ( Phatak. ,1). Capitalism is based on the profit motive as the main factor that drives the economy.

Capitalism motivates individuals and companies to strive and gain profits, to accumulate wealth and in the process contribute to building the economy. Capitalism is a system where those with greater ability and will to accumulate more profits are rewarded by the system, while the losers are those who fail to strive for profits this system dominates the western world . In The Communist economic system people are never unemployed because the government owns production. Meaning the governments owns all the factories and stores because there

are no private owners in a Communist system. This is good because the government can control and decide what is needed for the good of society and produce it .

Another reason why Communism is good is because everyone in the country is provided with a job, house and food no one is denied essentials needed for living. overall communism and capitalism are in a stalemate one being better than the other at one time and vice versa because of the current economic crisis one may eventually dominate the other or both could still remain equal throughout history both have molded into almost opposite of each other maybe someday one will stand whilst another will fall but that is still far into the future and undecided future for these two it is almost impossible to prove that one is better than the other without bias or personal opinion the struggle between capitalism and communism will always be one of the most debated topics in the world