Compare And Contrast Capitalism And Capitalism

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Leading American Economist Thomas Sowell stated that he has “never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money.” This is essentially the basis of the capitalism versus socialism argument. Free market economics (another name for capitalism) solves poverty and has made the world far better today than it was in 1800. It calls for individual responsibility in order to be successful. The achievements of this system has resulted in much more success than failure. Therefore, while to an increasingly radical audience it may seem that the alternatives of capitalism such as socialism and even communism are better, it would be more veritable to say that free market economics are superior because of its effects on poverty and how it creates opportunity for any individual.…show more content…
They would say that it creates an increase of greed in individuals and actually contributes to poverty. Opponents would also say it promotes self interest which results in the already privileged gaining wealth off minorities (Engler). According to many who oppose free markets, it leads to income inequality and exploitation of poor workers. As a result, many have presented and advocated for systems such as socialism and increasingly more so in the united states, communism. They believe that socialism is a system in which the government that is able to take care of the needs of its citizens and provide necessities that capitalism does not. Communism is the response to capitalism, blaming it for creating social and class divisions. These ideologies have become increasingly popular (especially in millennial culture) and have formed as a reaction to not fully understanding

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