Socialism Vs Capitalism

The view of socialism holds that markets and other essential resources should be handled and governed by the state. And wealth should be distributed equally among the society.  On the other hand, capitalism suggests that markets, resources and even essential needs like education, sports and health facilities should be free from any government interference.  Capitalism suggests that they all markets should be privately owned. The difference between both views is that capitalism promises democracy whereas socialism looks at the overall benefit of the society and overlooks the individual rights. (Hoppe, 1989)

The goals of socialism were to distribute equal wealth and resources in all the individuals. This was thought to reduce crime as everyone had equal and adequate wealth.  The aim of socialism is to remove any discrimination among people on the basis of wealth. The purpose was to make the societys status uniform. There is no upper class or lower class people in socialism.  (Hoppe, 1989)

There are certain obstacles that come n the way of accomplishing socialism in the state. Socialism is based on the concept of sharing. It is very difficult to get people to share their wealth with the less privileged.  The enforcement of socialism is challenging. Another basic problem in accomplishing true socialism is that markets cannot be predicted. The profits are not necessarily good. And each person is dependent on this one single source. Another setback in implementing socialism is that it shows results in the long run. The results need time. People want quick and profitable results. The biggest challenge is to get all individuals to understand the need of development and implementation of a system that ensures equal incentive and participation for everyone.


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