BALAGOT, CHRISTOPHER JOHN S.

9/18/2017

“CAPITALISM VS SOCIALISM”

1. Definition and Differences.

- Capitalism and Socialism are two very different types of social system. Most of the countries in the world live in
a capitalist environment. Capitalism divides the people into two classes. The capitalist class are the small group
of people who produces and distributes the goods which the working class works for in return for wage or salary.
Although many would say that this system works, it is clear that capitalism’s motive is for profit rather than
simply suffice the people’s needs. Socialism on the other hand, takes away the need for profit and aims to let the
government manage the production we need for our survival, it gives everyone access to essential human needs
including, but not limited to housing healthcare education food and water. Socialism would also take away
markets, instead it would compute the data and know what the population needs and base their production
according to that computation.

2. Which is more beneficial to the economy?

- Capitalism as it would seem is more beneficial to the economy. As people work harder, we find ways to
innovate and make things better. This leads to economic expansion which increases the Gross Domestic Product
of a country this translates to a better quality of life for the people.

3. Identify Capitalist Countries

3.1. UNITED STATES OF AMERICA
- majority of the health care systems are privately owned
3.2. VIETNAM
3.3 BANGLADESH

REFERENCES

What is Capitalism?. Retrieved September 18, 2017. From https:// http://www.worldsocialism.org/english/what-

capitalism

What is socialism?. Retrieved September 18, 2017. From http://www.greenhighfive.com/socialism-for-dummies/