Which IS a better economic system: capitalism or socialism? Why? Why not?
It"s like when you go to school and your teacher introduces capitalism for the first time that you finally start to click with what it is. Capitalism becomes like our independent state. Checks and balances come into play which is formulated by wants and needs. So everybody is included in this picture. All the elements from different themes and ideas can participate in this affair. And the sky is the limit! Then after taxes and we get full, socialism rises in the horizon and gives us a whiff of its perfume. Are we interested, hell yes! Would you call that an adulterous affair?
An answer would be meaningless without knowing the details of the government and the tax system that would prevail.
Economic systems are tools. Better depends upon what one wants to accomplish. It is like asking if a hammer is better then a wrench.
If you want to, for instance, use up all of our natural resources the fastest, then I'd say capitalism is superior. If you care more about equality and the common good then perhaps socialism. If you want one that considers sustainability, then neither. You'd have to look towards something like steady-state economics.
True capitalism is best. Capitalism, not crony capitalism where the corporations and banks run everything and we pretend it's a fair market. The kind of capitalism this country was built on that rewards ingenuity and integrity in business.
That said, capitalism is an economic system, it's not meant to apply to all areas of government. Public schools, fire and police departments, roads, wildlife preserves and even the military are all examples of socialist systems within government. Socialist economies are the problem.
Can you distinguish between socialism and nationalism? SS, Medicare, Obamacare, and welfare are socialism. The military, the roads, fire and police are not socialism. Schools could have gone either way, but today the public schools look like socialis
Nationalism is the elevation of your own country above others... You can debate whether the military is truly a socialist system, but you can't say the infrastructure itself is nationalism.
Capitalism works well in the US, but for the Philippines, I think socialism would be a better option. This is because there's so much corruption in government, but under a socialist system you'd still have to give a fixed share of what you have or what you steal. Also, big businesses are obliged to give health benefits to employees in the Philippines but a lot of companies get past that by only hiring contractuals, and consistently rehiring contractuals so they don't get long term benefits. Socialism would circumvent things like this.
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