Capitalism: A Better System Essay

675 words - 3 pages

Capitalism is an economic system where factors of production (land, labor, and money) are held by an individual, and all of the profits belong to that individual. Whereas communism is when factors of production are publicity held, and the profits belong to the community. Both of these economic systems were wide-spread during the Industrial Revolution in 1700s, but the debatable question is “Which economic system, Capitalism or Communism, provides the best system for meeting wants and needs of individual?” The answer is capitalism. Capitalism focused on the needs of an individual; it’s proved to be more efficient than communism. Also, it’s a long-lasting system that majority of the world is still using today.
According to the article on “Wealth of Nation” (1776) by Adam Smith, it quoted “Instead of government interference, these economists argued that a free market, in which everyone followed their own self- interest, would maximize the nation’s utility.” This statement proposed the idea of Capitalism, where the system itself is a big competition with no rules (government interference). This competition is between factories, they race each other to provide the needs for citizens as an individual and the community as a whole. This competition not only brings in the profit for the company, but it also boosts the economy to the max. By competing for customers, more products will be made, the price of the products will go down, and more resources will be needed, which opens up international trade. The individual fulfill their needs, company made profits, and the nation wealth is going up by international trade. Sometimes government is not the answer to everything, a competition that has no rule, no regulation can be best if it is used correctly.
Communism is another economic system that was spread during the Industrial Revolution in hope to increase the wealth of the economy. It was introduced in the book Communist Manifesto by Carl Marx; although it was believed an ideal system to communist and was wide-spread...

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