SOCIALISM VERUSES CAPITALISM Socialism is defined as a philosophical, political,and economic theory that land, transport and chief industries, natural resources, should be owned and mangaed by the state or public bodies, and wealth equally distributed. In a utopian socialist society, there is no unemployment, no poverty, no difference in wealth, status or power. In practice, however, it frequently leads to political control, censorship, limited rights and freedom, and the repression of religion.
People assume that socialism and communism are identical because they are associated with Marx and interchangeable but they are not identical (Kendall,407).
Marx's theory describes captialism as the first stage followed by socialism then communism. Marx believed that socialism is an unrealistic potential in captialism and once most workers recognize their interests and become "class conscious", the overthrow of capitalism would proceed as quickly as capitalists opposition allowed. The socialists society that would emerge out of the revolutionwould have all the productive potential of capitalism.
Karl Marx (1818-1883)
Profile of Adam Smith
CapitalismPeople would be aided on the basis of social needs. The final goal, communism toward which socialists society would be advantageious for the vast majority of the population(McNally, 56).
In a "pure socialism" society socialism eliminates hunger and lack of housing because wealth is equally distributed amongst the people. In a socialist society, people recieve an immense welfare system and not have to worry about poverty. Also, racism and sexism will be eradicated because of equality and freedom are vital parts of the struggle for socialism. The people through the state will control all branches of society.
In a pure socialist society the means of production are owned by the workers rather than by a rich minority of capitalists or functionaries. Such a system of ownership is both collective and individual in nature.
It is collective because society can control production unlike...