Essay On Capitalism And Capitalism - 1443 Words

In every country, there is always an economic system created to meet the needs of its people. Capitalism, as described by Adam Smith and communism as described by Karl Marx, are two types of these economic systems. Capitalism tries to meet the needs of the people allowing all its citizens to work to improve their lives by giving them control over the economy while communism gives the government total control of its industry and the economy and all people have equal social and economic status. These two types of economic systems each have a different effect on the economy of the nations and its people. Capitalism is the system in which we live in, where businesses are privately owned and operated for profit and where people can buy and†¦show more content†¦To get higher profits companies will need to seek out new ways of making a good more cheaply or look for a new way to manufacture its this competition that leads to the production of better goods at lower prices this is called Mass production. Also by removing all limitations and regulations, every ones self-interests would fuel the economy’s growth. While in government plays a small role in capitalism it allows its citizens some Individual freedom like Freedom of Speech, Freedom of Religion, Freedom of Choice, Freedom of Assembly and Freedom of the Press. Because of this Entrepreneurs have the ability can risk their own money in the market economy. Entrepreneurs are people take a risk by investing their money in a business venture. Communism has an opposite way of achieving the needs of its people like Adam Smiths Wealth of Nations Karl Marx a 9th-century philosopher and political economist addressed a wide range of political and social issues the Communist Manifesto. By having a Communist economy, the government can have total control of industry and keep production of goods from competing with one another and make everyone work for the good of the society. By doing this competition, unemployment, and poverty would be eliminated. All good and services would be distributed according to peoples needs as a result food and clothes would cost less. Through this system, Communist workers standard of living would be raised because many benefits can be providedShow MoreRelatedCapitalism Essay1175 Words   |  5 PagesCapitalism Throughout my duration in college, business has been my major area of concentration. Capitalism is the most central and consequential topic which has to do with business. 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