Socialism vs capitalism?
i would like to know your views
Answer:
Capitalism at its heart is based on the concept of mutually beneficial exchange. The typical downsides are (1) fraud/misinformation by one of the parties, and (2) a tendency to reinforce existing income disparities. Government intervention in a capitalistic economy is minimal, and most people accept the government's efforts to combat issue (1). Issue (2) is far more controversial, as most efforts in that area signify a move away from capitalism to socialism.
Socialism is essentially based on the idea that a free market (capitalism) leads to such bad outcomes -- see (2) above -- that intervention is necessary to prevent or mitigate the negatives. The big problem with this concept is this: who decides? If socialism works like Robin Hood on steroids, that certainly looks good to those in poverty. But capitalism's problem (1) isn't solved here. In fact, if the corrupt people find their way into power, they will inevitably make things worse, as they will now have the power of state to siphon off far more money than they could have under capitalism.
By the way, have you ever seen any form of government or economic system that has succeeded in eliminating corruption? I certainly haven't. There will always be those who are willing to lie, cheat, and steal their way to money and power. I would feel more secure if those bad folks didn't have government sanction to steal from me, and that only happens in capitalism.
socialism - everybody is equally poor (except for ruling elite)
capitalism - people can and do get rich by their own work.
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Answer:
Capitalism at its heart is based on the concept of mutually beneficial exchange. The typical downsides are (1) fraud/misinformation by one of the parties, and (2) a tendency to reinforce existing income disparities. Government intervention in a capitalistic economy is minimal, and most people accept the government's efforts to combat issue (1). Issue (2) is far more controversial, as most efforts in that area signify a move away from capitalism to socialism.
Socialism is essentially based on the idea that a free market (capitalism) leads to such bad outcomes -- see (2) above -- that intervention is necessary to prevent or mitigate the negatives. The big problem with this concept is this: who decides? If socialism works like Robin Hood on steroids, that certainly looks good to those in poverty. But capitalism's problem (1) isn't solved here. In fact, if the corrupt people find their way into power, they will inevitably make things worse, as they will now have the power of state to siphon off far more money than they could have under capitalism.
By the way, have you ever seen any form of government or economic system that has succeeded in eliminating corruption? I certainly haven't. There will always be those who are willing to lie, cheat, and steal their way to money and power. I would feel more secure if those bad folks didn't have government sanction to steal from me, and that only happens in capitalism.
socialism - everybody is equally poor (except for ruling elite)
capitalism - people can and do get rich by their own work.
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