Identify a main difference between socialism and capitialism

A major difference between socialism and capitalism resides in how likely meritocracy is to flourish .

Socialism, in its rightest essence, would ensure that every individual within society enjoyed the same opportunities at the core (quality health, food, education). Naturally, some of these subjects would thrive more than others and therefore be promoted by society to hold higher levels of responsability and reward.  

However, the lesser gifted would never be at a disadvantage. They could still count on standard quality support by the same society and equal opportunity for their offspring to pursue their own ambitions.

On the contrary, capitalism creates a societal gap by supporting inherited advantage. In summary, a capitalist society provides better core opportunities for a group of citizens and their offspring regardless of their innate ambitions. The disadvataged group and their offspring then receive a less than standard core support which predisposes them for hardship in the pursue of societal reward.

Socialism and capitalism represent two different ideologies that have defined political and economic structures of various nations around the world. One of the main differences between socialism and capitalism is their approach towards using capital, profit and the concept of private property. While capitalism recognizes the ideal of profit-making, privatization and the concept of private property, socialism propagates the idea of equality among all sections of society, which meant that there was no concept of private property, and all profits, if any, was equally shared by everyone. Thus, resources are under state control, and there is an absence of a free market. On the other hand, a capitalist market contains the scope for personal profit, allowing for wealth accumulation and a free competitive market where a consumer can choose among varieties of products offered for sale.

Further Explanation-

Capitalism constitutes the idea of a free-market economy, which relies on the forces of the economy. The government of capitalist nations does not determine the allocation of resources, and it totally depends on the demand and supply of resources and products. Since capitalism operates within a free market economy, a capitalist nation aims at achieving control of markets so that economic forces can generate the formation of capital, which is necessary for upholding the nation’s economic and political stability. On the other hand, a socialist nation has access to almost all of the nation’s resources and directs its usage and allocation towards various sectors. This is guided primarily by the aim of removing economic differences within various sections of the society, thus providing for a more egalitarian approach to the prospect of economic profit. Any surplus achieved is pooled back and devoted to the cause of social welfare and the nation’s economic advancement. Thus, private property is an alien concept within a socialist nation.

Learn more:

1. How can an explanation make it easier to address economic problems in the future?

2. According to Roger Williams, how did the English usually justify their attacks on the Indians?

Answer Details-

Grade- Graduation

Chapter- Forms of the economy in states

Subject- Economics

Keywords-

Private property, privatization, economy, political structures, profit accumulation, social welfare, government control, free-market economy.

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