Capitalism A Superior Economic System Essay example

Capitalism: A Superior Economic System People generally enjoy having money in their possession because it gives them a feeling of power and freedom. Having money gives people the freedom to spend it on what they choose and the power to make more if they wish. Working in order to make money provides people with a sense of independence and pride while learning responsibility. In a world where the majority of people like possessing money and having the opportunity to obtain more of it, the majority of people should prefer having a capitalist economic system over having a socialist one. There are many arguments that support and explain why capitalist economic systems are superior to socialist economic systems. First and foremost, a†¦show more content†¦Due to the lack of motivation in socialism, people’s desire to be excellent and efficiently working employees decreases tremendously. This is because people will see no reason to work hard if they will not receive any more or less for their efforts or the lack thereof (â€Å"Socialism†). Therefore, a capitalist economic system is far superior to a socialist economic system in the sense that it offers rewards for effort whereas socialism does not. Although the capitalist economic system is a great motivator, it also enables an economy where businesses and people can compete against each other in attempt to be more successful than others. Capitalism, which has a free enterprise market, allows competition between businesses. A capitalist economic system results in a competitive market where there are many companies that provide similar products or services. In order for the companies to outdo their opponents, the companies will often change and improve the price, the quality, and/or the quantity of goods or services (Deane). A competitive economy drives people’s ambition to constantly be improving and making changes to their businesses (Burke). Just imagine if cell phone companies were not competing against each other, the iPhone might have never been invented. However, socialism does not encourage competition or innovation within the society.Show MoreRelatedKarl Marx Alienation Theory Essay1536 Words   |  7 Pagessocieties follow this economic system. In some cultures, communism otherwise known as socialist party reign dominance and controls how production works and what is produced. Some political philosoph ers such as Karl Marx believed that a communist or socialist system can possibly fix some of the problems that capitalism causes. Specifically, fix issues with production caused by capitalism. Marx idealizes capitalism as the source of greed and a barrier to stopping cooperation in economic society. 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