Capitalism vs Socialism: History and Predictions.

Essay by ivzivkovicCollege, UndergraduateA, December 2003

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In Western Democracies there has always been a stigma about Socialism. Far too often it is associated with Communism and the ideals behind it often disregarded before they are even considered. In contrast, Capitalism has always been the blessed child of Democracy and Liberalism and due to its promise of individual success it has always been accepted with wide open embraces. Both Capitalism and Socialism are not just economic systems but they reflect ideologies of the people they represent. Throughout history we have been plagued by various economic and natural disasters and each of these two systems has been affected. Both systems have dealt with different crises in their own way, and it would make in interesting comparison how each situation was dealt with. This of course refers to the fall of the Stock Market in 1929 and the Ukrainian famine. In order to successfully compare and analyze these two systems one has to do it from a perspective of someone who has lived in both systems.

It is fairly easy to theorize and analyze, but one has to be affected by both systems, both physically and intellectually, to judge and predict on the topic at hand. Both systems have their advantages, while Socialism has many advocates among scholars, intellectuals and academics, Capitalism also has many supporters. Some of these supporters are entrepreneurs, leaders and intellectuals as well. What separate us from animals are our values and our morals. We are a society driven by excess, individual success and ultimately greed, we have swapped our values for personal gain and this is a result of, mostly, Capitalist ideals. Socialism on the other hand is a system driven by equality and although morally sound it is very unstable once put into practice. In order to support this more needs to be...