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What is the difference between socialism and capitalism Is socialism more moral than capitalism To answer these questions we need to look at both systems and there definitions Socialism is an economic system in which there is no private property and the state owns all the factors of production Some characteristics of socialism are the prices are set by the state all economics decisions are set by state taxation is often used to redistribute income and individual risk taking is not allowed Miller p483 The morality of socialism can be summed up in two different words envy and self-sacrifice Socialism is the system which uses compulsion and the organized violence of the State to expropriate wealth from the producer class for its redistribution to parasitical class Thompson p1 The most obvious defect of socialism which we have all heard is that it encourages laziness Lets say no one is lazy it can be shown that it still hinders progress If government invests heavily in equipment and suppose technology undergoes rapid change in the next 2 years The socialist government will have to wait several years before investing again Kumar p1Despite the psychotic hatred of capitalism it is the only moral and just social system Capitalism is the only moral system because it requires people to deal with one another as traders- that is a free moral agents trading selling goods and services on the basis of mutual consent Capitalism is the only just system because the sole criterion that determines the value of thing exchanged is free voluntary universal judgement of the consumer Thompson p1 Characteristics of Capitalism are private property rights exist are legal and enforced by government price is set be supply and demand and you may take risks Miller p484When comparing socialism and capitalism they are usually based on individual values Miller p485 Under capitalism the incentive is to work harder because each producer will receive the total value of his production
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