Entry #EC Capitalism or...

Capitalism and Socialism are often pitted against each other as people become down trodden and struggle to pay off their many debts while at the same time desperately working to keep themselves and their families fed; their eyes begin to search for a culprit and a solution. This is what has brought us to the current dilemma facing our world today.

After watching the documentary film Capitalism: A Love Story by Michael More, I was compelled to research the matter of capitalism further. I also looked into its counterpart, socialism. From what I was able to glean from this research capitalism can be summed up as an economic system based on private ownership of the means of production and their operation for profit. It also includes private property, capital accumulation, wage labor, voluntary exchange, a price system, and competitive markets. The decision making and investment is determined by the owners of the factors of production financial and capital markets, and prices and the distribution of goods are mainly determined by competition in the market. Basically it, at least in my opinion, gives opportunity to the individual to climb to the top and make something of themselves as well as affect how the markets are determined.

Now socialism is a range of economic and social systems characterized by social ownership and democratic control of the means of production, as well as the political ideologies, theories, and movements that aim at their establishment. While there were many varieties of socialism the most common element that is shared by all its forms is social ownership. Basically, at least in my understanding as I read of it, everything is owned and controlled by the government and spread out evenly amongst the people as they see fit. The word "socialism"finds its root in the Latin sociare, which means to combine or share.

While in his film Michael Moore does point the finger at capitalism being at fault for causing the poverty stricken individual, he mainly throws the blame at the banking industry which caused an economic meltdown and all political parties for caving in with the bailout. While none of these cases help matters the greatest provider toward our failing economy is, in the opinion of many, outrageous tax hikes in order waste our tax dollars on asinine subjects such as teaching lions to ride a treadmill. An endeavor that had about a million dollars of tax payer money thrown into its budget. However, there are several factions who buy into the blame capitalism thought and have been protesting for a more socialistic change to how our economy is run.

How about you? Do you feel that our failing economy is the fault of capitalism? Should we perhaps move on to socialism or a mix of the two? Or perhaps do you feel that it’s nothing more than the result of a greedy government and the greed of others in a higher place of power? I’d love to hear your opinions so feel free to leave a comment on the matter.