Capitalism: A Superior Economic System Essay

1725 words - 7 pages

A Superior Economic System
People generally enjoy having money in their possession because it gives them a feeling of power and freedom. Having money gives people the freedom to spend it on what they choose and the power to make more if they wish. Working in order to make money provides people with a sense of independence and pride while learning responsibility. In a world where the majority of people like possessing money and having the opportunity to obtain more of it, the majority of people should prefer having a capitalist economic system over having a socialist one. There are many arguments that support and explain why capitalist economic systems are superior to socialist economic systems.
First and foremost, a capitalist economic system motivates people by rewarding them for their skills and efforts that they put into their work (Deane). Promotions and pay raises are some examples of the rewards that people are able to receive if they put great effort into their work. However, if people exert average or small amounts of effort, chances are that the rewards that they receive will reflect on their lack of effort. The rewards that can be received inspire ambition and an avid desire in people to be successful. People will apply themselves and be determined to reach their highest potential in order to acquire great rewards. People who work hard to earn more money will typically cause them to experience a feeling of accomplishment and will often give them the means to for a higher standard of living (Burke). Having a society where people are motivated to work hard to succeed will result in a more successful economy. On the other hand, socialist economic systems offer little or no reward for people who really apply themselves and put effort into their work. Instead, people receive things that the government thinks will meet their needs, rather than people making money for themselves and getting to decide how it should be spent (“What is Socialism?”). Due to the lack of motivation in socialism, people’s desire to be excellent and efficiently working employees decreases tremendously. This is because people will see no reason to work hard if they will not receive any more or less for their efforts or the lack thereof (“Socialism”). Therefore, a capitalist economic system is far superior to a socialist economic system in the sense that it offers rewards for effort whereas socialism does not. Although the capitalist economic system is a great motivator, it also enables an economy where businesses and people can compete against each other in attempt to be more successful than others.
Capitalism, which has a free enterprise market, allows competition between businesses. A capitalist economic system results in a competitive market where there are many companies that provide similar products or services. In order for the companies to outdo their opponents, the companies will often change and improve the price, the quality, and/or the...

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