Socialism Vs. Capitalism: Advocates and Essay

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There also tends to be less bureaucracy and regulatory constraints for business growth. Businesses are often motivated, because of increased market competition, to serve the customer with expanded services and lower prices. The downside, of course, is that many individuals fall through the cracks of capitalist systems: people may work hard but not receive healthcare, private universities can charge very high tuitions, and elite universities only give scholarships if it suits their budgets. This can limit access to education and opportunities. There is less job security under capitalism, fewer benefits such as daycare to make life at home manageable for wives and husbands, and also less generous unemployment insurance. Finally, capitalist societies tend to be more reluctant to regulate entrepreneurial excesses, as was seen in the recent meltdown in the subprime mortgage industry.

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Few systems operate purely on Marxist-controlled principles or Adam Smith 'invisible hand' ideals entirely, of course: the U.S. has Social Security, unemployment compensation, and Medicare (government subsidized healthcare) for the elderly while even socialistic nations have free entrepreneurship, albeit in regulated form. It is the degree of balance between two extremes, and the sectors in which one system vs. another is emphasized that the distinction is manifest: for example, the U.S. does not regard healthcare a universal human right, while most European nations have socialistic or heavily regulated health sectors......

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