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Essay / Research Paper Abstract
A 5 page investigation of the similarities and differences between capitalism and planned socialism. Examples are given of both. The writer posits that true capitalism does not exist anywhere in the world. Bibliography lists 7 sources.
Page Count:
5 pages (~225 words per page)
File: D0_CapSoc.doc
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Unformatted sample text from the term paper:
them and not compare them. Upon deeper investigation, one realizes there may be more similarities than not. This conclusion is no doubt based in the facts that the prime examples
of socialism are the former U.S.S.R. and China and the prime examples of capitalism are the United States and Britain, yet, both socialism, or more clearly, specific forms of socialism
have and do exist in both these nations and capitalism in one form or another currently are prevalent in the other two nations.
By definition, "capitalism" is an economic system whereby individuals own business and companies, in other words, the means by which products are made and sold are privately owned by
individuals or groups of individuals (American Heritage Dictionary, CD-ROM). The marketplace is the center of any capitalist economic system because it is here that what will be produced by whom
is determined. It is also the market that determines how the rewards of the economic system will be distributed. Theorists point to two major advantages of the market system: 1.)
no individual or even group of individuals can control the marketplace thus power is more diffused; and 2.) the market system typically rewards efficiency with profits while punishing inefficiency with
a lack of profits. Economists refer to capitalism as a "free-market system" that is ruled exclusively by competition. Given some thought, one can conclude there is not such system in
operation in the world; governments issue numerous controls over companies and businesses and in effect, control the business (Bell, 1976). Socialism, on
the other hand, is an economic system within which the means of production is owned by the state or public ownership. Socialism is both an ideology, comprehensive set of beliefs
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