Capitalism And The Economic System Essay - 1766 Words

In a Capitalistic economic system, a country’s industry and trade are controlled by private owners instead of the state. It allows consumer’s choice in which goods and services are produced based on demand. A Capitalist system gives all its members a chance to become great business owners. No matter where you start in life or what your gender, race, and political views are; Capitalism gives everyone an opportunity to make it big. The United State’s economy became predominately capitalist by the 19th century after the death of Feudalism. The second half of the 19th century marks the fastest economic growth in American history. There was a rapid rise of production, wages, and personal health. By the 20th century America became a thriving superpower whose industrial and manufacturing economy even rivaled those of the European great powers. America’s economic growth and innovation was facilitated by capitalism, which allows you to keep the fruits of your hard labor. In contrast, a socialistic economic system seeks to redistribute the wealth more equitably by social ownership of industries and natural resources. Socialist believe in nationalizing monopolies; however, small, nonessential businesses would remain privately owned. The direct control and management of the industries and social services will be by the workers through a democratic government. In a socialist system everyone equally shares the workload, everyone is given the same benefits and prospers equally. Therefore,Show MoreRelatedCapitalism And The Economic System Of Capitalism1820 Words   |  8 PagesThroughout history, Capitalism in America has been proven to be simply the greatest economic system that brings people from nothing to something. This system has allowed America to grant opportunities to millions of people from all different backgrounds that Socialism and Communism could not duplicate. Individuals, under Capitalism, take a chance and either fail or succeed wi th money, time, and hard work put in to achieve their goal. Those who are unsuccessful their first try continuously get backRead MoreThe Economic System Of Capitalism1639 Words   |  7 PagesIndustrial Revolution in Western Europe provided the context for economists and political writers of the nineteenth century to promote three different economic plans designed to meet the needs of workers and entrepreneurs. Capitalism was first proposed by Adam Smith as a reform plan for the existing economic system of mercantilism. The major tenets of capitalism included: free enterprise, competition at every level, and private property. Although there were many advantages including new inventions and rewardingRead MoreEconomic Systems: Capitalism Essay1400 Words   |  6 PagesCapitalism Capitalism is an economic system characterized by the private ownership of the means of production, and where production is guided and income distributed largely through the operation of markets. The objective of a capitalist society is to gain profit. Some of its strengths of living inside a Capitalistic economy are the incentive for innovation, efficiency, and economic growth. Unlike socialism, there are opportunities to invent new products for areas of demand, to raise quality,Read MoreIndustrial Capitalism And The Economic System1433 Words   |  6 Pages1873 HIST 101 Industrial capitalism is defined when the economic system is based on trading products and operations for profit. This allowed people to have their private property, wage labor, a price system and created competitive markets. 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Both took advantage of some form of an economic system to achieve their respective goals. Whether it be the command economy of Oceania, or the overly consumerist economy of the dystopian United States, they both employed economics to their benefit. Economics is the science of scarcity. Scarcity isRead MoreCapitalism And Social And Economic Systems1761 Words   |  8 Pagesseparates us from the majority of the animal world is our management of social and economic systems. While many political, economic, and social systems attempt to get rid of this form of natural selection, capitalism and related economic structures conserve social inconsistencies in many forms. Based on history, this conservation of financial inequality has attained a better standard of living overall than the systems were originally created for just that. The financial benefits and luxuries of theRead MoreEconomic Systems: Capitalism, Communism and Socialism814 Words   |  3 PagesEconomic Systems 04/22/2014 Throughout history, nations or regions have supported different economic systems. Economic systems control the political economy, markets, consumer and public economics, national income, natural resources and other aspects. The economic systems lead the country towards its flourished and depraved situations. The systems also provide the type of business and government imposed on the societies and the country. Some of the economic systems are capitalism, communismRead MoreEconomic Systems: Socialism and Capitalism Essay1018 Words   |  5 Pagesmerits of socialism vs. capitalism, the chief debates that come up are †¢ What would happen if we remove the stimulus for innovation and productivity that a free market generates? This implies having a free market including individual ownership and control, and to varying degrees a laissez-faire government. †¢ Would it be possible to have a thriving society in which we would not have 20% of the population living in poverty and without adequate healthcare, housing or economic security? Fundamentally