Socialism vs. Capitalism

One of the biggest questions for the future


Have you questioned or wondered about a perfect economy? Or maybe wanted to move somewhere new to live? It might give you a chance to see what it’s like to live in a world of different economic possibilities–socialism vs. capitalism. First off, socialism is based on social wealth, while capitalism is based on personal wealth. Both have their pros but they also have their downsides. 

Alexandria Ocasio-Cortez, a US representative for the 14th district of New York, thinks that socialism is key for America’s progression and economic growth. On the other side, The Republican Party (GOP) thinks that socialism would not be good for America. 

Historically, capitalism was the first form of trade in the 17th century. It was mainly used in places such as China and India, but was also present in Europe. This system wasn’t invented by any particular person, but arose as currency became a common means of exchange. In theory this would make sense, but it still allows for a monopoly, which means that it might be harder for some people to gain wealth or grow and start their own business. 

Socialism began during the socialist political movement, which included a set of philosophies that originated during the revolution in the mid-18th century. It arose because of the concern for the social problems that were associated with capitalism. By the late 19th century, after the work of Karl Marx and his collaborator Friedrich Engels, socialism stood for an opposition to capitalism. It was about spreading the wealth and advocated that the means of production should be owned by the many and not the few.

Each system has equal downsides. Capitalism can have monopolies and socialism doesn’t have business liberties. Capitalism should have guidelines and it should be better while socialism should have more liberties and shouldn’t be so controlsive. Most of the countries that use socialism have a smaller population and don’t have private businesses. Most of the capitalist countries have a bigger population.

Mr. Anderson, a parent of one 7th grade AdVenture STEM student, thinks that socialism is good because it would help people as a family. He said that he liked politicians like AOC because they stand up to the government and protest how the rich and elite leave out the poor and middle class. “They always try to leave their own citizens out of the picture.”

Maybe socialism should be mixed with capitalism, so we can all have our share of the pie. Maybe we could have private businesses but have more taxes and social services. Socialism might not be good because it doesn’t let Americans make as much money they are really worth. Capitalism might not be good for lower class workers. After all, shouldn’t we all just help each other?