Communism Vs Socialism

909 Words4 Pages

It has been long debated whether capitalism or socialism is more beneficial for a nation. Socialism is prevalent among countries such as China, Norway, Ireland, Denmark, Finland, and countless others. Capitalism is recognized in numerous nations like the United States of America, Germany, the United Kingdom, and South Korea. In comparison to capitalism, socialism contains various characteristics that are vital to the true well-being of society. Socialism’s focus is solely on the good of its citizens because it prevents business owners from obtaining complete power, still allows business protection plans, and essentially eliminates the idea of poverty. Socialism’s close cousin, communism, was formally introduced by Karl Marx and Friedrich Engels …show more content…

Because socialism is a system in which the government owns most means of production, it can best be viewed as an economic planning board. The state is in control of important factors such as setting prices, wages, and output. This prevents business owners from taking advantage of his or her workers by forcing them to work endless hours with little to no breaks, refusing to pay proper wages, and setting unrealistic output standards. At the time of the Industrial Revolution where capitalism was taking over, the life expectancy for factory workers was only seventeen years old, while the life expectancy for individuals possessing professional jobs was at fifty-two years of age. This alone proves how horrific the working conditions of factories truly were. As described in multiple interviews with ex-factory employees, workers including children, could be forced to work sixteen to seventeen hours a day and six to seven days a week. The labor was described as intense with few breaks and meals allowed; many of these individuals reported being beaten and having his or her wages reduced on a regular basis. The actions performed by these business owners were inhumane and quite frankly, disgusting. No human, let alone child, should have to risk working under these appalling conditions. This is one of the vital reasons socialism is the …show more content…

This does not mean that the business industry lack benefits. “The government as an economic planning board creates an ability to make good use of land, labor, and resources, as well as avoiding excess or insufficient production.” Forms of business protection such as patent and contract protection can continue to exist in order to prevent anyone being taken advantage of; after all, this organized system is meant to satisfy economic demands as well as human needs. Employment protection and trade union recognition rights aid in producing full employment, and allow the formation of unions to negotiate. Essentially, less economic tension will be present due to a more impartial way of

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