Capitalism Socialism Economic Systems Comparison Term Paper

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Capitalism is an economic system, also called free-market, laissez-faire capitalism, or market economy, defined by two main characteristics. First, it is characterized by private ownership and disregards any form of force that intends to affect human relationships. In capitalism, private citizens use their resources to produce beneficial wealth. The force from the government, such as strict regulations, taxations, safety regulations, and control of the business environment, is banned in a capitalistic structure. The use of force is considered criminal because it compromises people\'s freedom (pp. 5-6). Thus, capitalism advocates for the protection of individual and property rights. Here, rights refer to individual and not group rights. Besides, there are no rights to things like the right to a job (p. 8). It is important to note that government can use force not as initiation but as a retaliation. This is acceptable in circumstances where it does so to protect individual rights. Thus, capitalism integrates private ownership of property, bans the use of force in relationships, and focuses on protecting individual rights and freedoms. In capitalism, labor division leads to the multiplication of knowledge (Simpson, 2005, p. 10; Reisman, 1998, pp.…

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…of freedom and government control.

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It is associated with low living standards and economic inefficiency. The controls in this system inhibit or substitute the gains of voluntary trade, profits, and price systems using force. As a result, it undermines wealth production.
The destruction level is dependent on the intensity of government control, and the desirable attributes in a mixed economy will depend on the influence of capitalism (p. 23). There is a constant violation of individuals\' rights and an imbalance in the distribution of benefits. It does not contribute to a good society formation. The existence of the two economic systems makes it a transition economy. It….....

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