Pros and Cons Between Socialist and Communist Economies

Topics: Socialism, Communism, Marxism Pages: 2 (602 words) Published: June 27, 2013
Pros and Cons Between Capitalist and Socialist Economy
Courtney N. Harris
Everest University

Abstract
In this is essay I will explain my personal opinions on the benefits and downfalls of living in a Capitalist economy as opposed to living in a socialist economy. Julie Marshall and her cousin Jean-Paul have been communicating back and forth through e-mail discussing the benefits of her moving to the U.S. Jean-Paul is currently living in Belgium, which is a Socialist Economy. Julie Marshall on the other hand resides in the U. S., which is a Capitalist Economy. In the following essay I will provide Julie’s opinions on the benefits of living in the U.S. and the downfalls of living in Belgium. I will also provide Jean-Paul’s response to Julie’s opinions. Julie Marshall believes that is living in the U.S. would benefit her cousin for the mere fact of the opportunities available by living within a Capitalist Economy. Business owners tend to have more success the rights of living in a free-market. In the U.S. each individual is granted the right to own private property, own your business and keep the profit, Right to compete with other businesses, and the right to freedom of choice. The reason that a capitalist economy is more beneficial for individuals because when you are a hard worker and you put in time and money invested in your career you get to reap the benefits as well as benefit society.

When living in a Socialist economy the government is more involved in owning majority of the businesses and controls the production and distribution in the consumers market. Doing this means that majority or all of the profits made from each business is granted to the government. In turn the government is able to provide more resources for people living in poverty and control more successful people by higher taxes. This money taken from wealthier people takes away business incentives. By doing this society tends to not want to work as...
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