Socialism vs Capitalism: Which Is Beneficial for the Average Society?
Socialism vs Capitalism has been a debate for a long time. However, both can be great and worse depending upon the social class and hard work they include. Socialism refers to a specific system where the government makes everything equal. The means of production are publicly owned while the government keeps control over it to make sure that it caters to the needs of every individual. On the other hand, capitalism is the system in which means of production are privately owned. The production and prices are based on supply and demand.
We need to dig more to see the true sides of both socialism and capitalism. Capitalism offers incentives to be rich, independent, and self-sufficient. In capitalism, consumers are free to choose whatever products they desire. It puts equality before freedom which helps every individual to grow. A lot of entrepreneurs are looking for creative ways to launch their private profitable products. As a result, the choice of goods and product development increases. Every firm or individual tries to work harder by being innovative. It further leads to economic growth, improved living standards, and increased GDP. So, it is better than other alternative systems in a lot of ways.
Furthermore, capitalism is when people are free to make their choices and follow their dreams. It is when they are at their best natural state which helps them make their lives better every day. On the contrary, if they spend their lives while being controlled by the state, they might not ever be able to live their dreams. Also, in socialism, people are asked to pay high tax rates which in turn demotivates them to work. The government might also fail to regulate the ownership of industries and factories. Even health care systems get affected badly when they are being handled by the Government. However, in a private health care system, we hardly have to wait in longer waiting lists.
Some critics argue that socialism means the society has more equal opportunities. Also, the free health care system by the government makes sure that everyone is entitled to their basic health rights. It can help a lot of those people who cannot afford the services of a private doctor to take care of their health. Socialism encourages selflessness among people instead of selfishness whereas capitalism forces people to be selfish to make more profit at the cost of the well-being of others or the environment. So, capitalism might have shifted our focus from the environment to the things that have a monetary value. This is also why we are facing pollution, global warming, deforestation, and a lot of other issues.
In a nutshell, capitalism has a lot more benefits to offer to society, the country, and the world as a whole. However, the cons are something we can deal with if we keep a proper check and balance on everything that is owned privately. Also, socialism has already caused enough damage to us so now we know whom should we allow to take the decisions for ourselves.
