Capitalism

a board having word capitalism written on it
Capitalism word


Writer: Salman Ahmed
Student, Business Administration

Is capitalism better than Socialism?

I wrote this paper from my own perspective and there can be controversies in ideas, one may agree or disagree. Neither am I a scholar nor an economist. However, I wrote this after reading different views of different people and analyzing things.
Every country and nation is striving for development and many of them succeeded in that. The countries that are said to be developed are USA, UK, Singapore, Canada, South Korea, Norway, France, etc. So, what are those policies and factors that made them developed? In every country, there is a system and government that runs the country and that either leads to construction or destruction. Capitalism is that system that invokes development to many of the above-mentioned countries. Capitalism is not just a school of thought but it is a complete system that defines different factors. So, is capitalism better than other systems like Socialism?
If I answer this question it would be “Indeed”. The first and foremost thing is that capitalism promotes making choice by own. It promotes the ability of a person to make a decision however he wants. Like whatever he wants to buy he can no one is there to stop him. Secondly, capitalists hardly stop their selves from creating and exploiting opportunities because they think that the world is full of opportunities to exploit one and go for others by investment. Moreover, capitalism promotes fairness by incentivizing those who do work. This means a person who strives and works more will be paid more. And finally, capitalism provides better outcomes. Group of people could take better decisions rather than an exterior party (Government) which just interrupt and spoil. If the decisions are better then better outcomes are inevitable. On the contrary, other system does not promote freedom to make choice because of interruption in the market which led the market to be anguished. The world is seen as it is with scarce resources and scarce opportunities. Furthermore, socialism promotes equality, but would one be ready to share his income that is earned by putting a lot of effort? Intervening in the market and taking decisions of the market is questionable, will decisions be right?
To summarize all, capitalism gives better ideas for running a system.


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