Capitalism And Merit, Ability And Achievement

1365 words - 5 pages

The world’s economies continue to be divided on by whom their means of production benefit, supply, enrich, and protect. Many debates and altercations have been a result of disagreements between capitalists and socialists. Socialists believe the government is essential in providing equality for all and the allocation of capital goods. But the strength of capitalism can be attributed to an incentive structure based upon the three P’s: (1) prices determined by market forces, (2) a profit-and-loss system of accounting and (3) private property rights. The failure of socialism can be traced to its neglect of these three incentive-enhancing components. (Perry) Socialism gives power to the government to regulate the goods produced, the amount of goods produced, where the goods are distributed, and the price of the goods. This command system does not allow for the creativity, wealth, and freedom that capitalism supplies the citizens. Capitalism provides a market system that permits companies to regulate the economies themselves. Capitalism offers the world’s economy the freedom to manage itself, diversify, prosper, fail, and freedom from regulation in order to supply the world based on demand and creativity. Capitalism is the only social system that rewards merit, ability and achievement, regardless of one’s birth or station in life. Capitalism is the only social system that rewards virtue and punishes vice. This applies to both the business executive and the carpenter, the lawyer, and the factory worker. (Thomson) Capitalism is the world’s dominant economic system. Within it, the means of production and distribution are owned by individuals: private ownership and free enterprise are believed to lead to more efficiency, lower prices, better products and rising prosperity. (Deane)
Capitalism is the social system based upon private ownership of the means of production that entails a completely uncontrolled and unregulated economy where all land is privately owned. Based on individual rights, capitalism recognizes that each and every individual has the right to prosper and conduct business freely. In a free capitalist society individuals must choose for themselves how they will order their lives and the values they will pursue. Under socialism, most of life’s decisions are made for you. (Thomson) Individuals have the right to run a business and be employed with the ease of government regulation. Capitalism is run by individuals, pursuing the needs of individuals. Plus, “nobody spends somebody else’s money as carefully as he spends his own. Nobody uses somebody else’s resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.” Under capitalism, the incentive is to work harder because each producer will receive the total value of his production--the rewards are not shared. Socialism rewards sloth and penalizes hard work while...

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