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Capitalism vs. Socialism

Introduction

The concepts of socialism and capitalism are more than mere economic tools; rather they represent opposing philosophical outlooks. Throughout the advent of the industrial revolution the human society has entered in an era of exponential growth. Man's ability to control the environment, and eventually become the master of his destiny, has helped him experience growth not only in the materialistic aspect but also in his intellectual capacities. As per the Maslow's theory of Hierarchy, the ability of the human civilization to satisfy the low level needs, it can focus on high level factors, which involve higher thinking. As the developing countries of the world learned the secrets of extracting the minerals and resources of the earth and transform them into finished products, the wealth accumulated by the society also increased by the trade function. The advances in technology presented by the industrial revolution presented several challenges for the human society and the pioneering entrepreneurs. The western countries entered in an era of fierce competition, where each country wanted to attain supremacy in the industrialization process, and the concept of capitalism became the soul of this progress.

The theories presented by Adam Smith started a revolution not only in the economic sense, but also in the societal makeup of the western society. This exponential growth however also reused the questions regarding the impact of the progress on the society. The large industries which had the capability to produce products on a mass scale also consisted of an overworked and underpaid group of people. The workers laboring in the hazardous industrial environments represented the collateral or the cost of the economic growth. Karl Marx theory relating to the role of the labor force in the economy and the national governments, presented an opposing force to the notion presented by Adam Smith. This controversial theory preached that the role of the government was not to pursue financial gains or economic success alone; rather it should be to ensure the safety and satisfaction of the civilians. As per this view the labor rights were considered to be the end rather than the means. Both of the theories represent two different philosophical schools of thoughts, dealing with the essential question that what should be the primary objective of the society and the governments?

Thesis Statement

“In the modern society, a mixture of capitalism and socialism will be required to alleviate the exiting challenges. The concept of achieving economic success on the basis of competition cannot be the sole motivation; as the welfare perspective of socialism, has to be incorporated.”

Discussion

Clash of Ideology: What is Right?

The main philosophy behind socialism is to replace collaboration with the concept of competition, so that the individuals, who are not able to cope with the demands of the capitalistic society, are helped by rest of the people. It is true that capitalism has been the cornerstone for the success of the modern civilized world, and through it human beings have been able to achieve great results ...