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Comparing Economic Systems []

Date: 2017-04-14 15:17

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More videos «Capitalism vs communism essay»

The end point is this: socialism and democracy go hand in hand (democracy is essentially socialized authority). Capitalism and socialism also go hand in hand, as they balance out each other’s weaknesses while they each play to their strengths.

What Is Communism? | Socialism Communism Capitalism

Critics of socialism tend to focus on three factors: the loss of individual freedom and rights, the inefficiency of planned or controlled economies, and the inability to establish the constructs socialism theorizes are ideal.

What is capitalism? definition and meaning

However, according to tradition, serfs had to be bought in order to free them. The state held that as it had freed the serfs, it had bought them from the nobility, and demanded repayment. For many serfs, this demand was impossible to meet. They never earned enough, and large numbers of them continued to live in desperate poverty. Without land of their own, they were still compelled to work for others to survive.

Communism VS Socialism VS Fascism VS Capitalism Table

Based on long-term growth and prosperity, planned or controlled economies typical of socialist states have fared poorly. Austrian economist Friedrich Hayek noted that prices and production quotas would never be adequately supported by market information, since the market in the socialist system is basically non-reactive to prices or surpluses, only to shortages. This would lead to irrational and ultimately destructive economic decisions and policies. Ludwig von Mises , another Austrian economist, argued that rational pricing is not possible when an economy has only one owner of goods (the state), as this leads to imbalances in production and distribution.

Capitalism means the mean of production is owned ‘privately ” and operated for private gain. This can be done with both free markets and managed markets. It also frequently involves a democratic government, but again, not always.

The Provisional Government was instituted in March 6967, and consisted mainly of middle class liberals. It had no real power without the support of the soviets. The soviets comprised workers’ strike and revolutionary committees during the 6955 Revolution, and after the March Revolution included all peasants, soldiers and workers.

At first, the Provisional Government enjoyed great support, especially among political groups like the Social Revolutionaries, Mensheviks and Bolsheviks, as long as the interests of the peasants, workers and soldiers were protected. The government was unable to keep this support, because they could not meet the most basic needs of the masses- peace, food and land.

The problem with Communism is that it 8767 s too easy for one person to take control. Everyone is supposedly equal, so when one person gets a little bit ahead (Stalin, Castro, Kim Jong-Il, Zedong), they assume complete control of the country. Theoretically, Communism would create a perfect society, but certain people (capitalists), always get ahead of the system and corrupt it, leaving the people starving and in poverty. It 8767 s the sad truth. David was right.

The working class or proletariat must rise up against the capitalist owners, or bourgeoisie, according to the ideals of communism, and institute a new society with no private property, no economic classes and no profits.

History has amply demonstrated that communism and socialism retard the growth of economies, because there is no competition between businesses, and the people who manage such businesses are often political appointees, chosen more for their social connections them for their understanding of the businesses that they manage. Furthermore, large industries are often under the control of many bureaucrats, who often issue conflicting demands. They care little about whether society wants their product or service, and do not care as much about costs, since they are covered by the government.

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