| Economic System Essay
The issue of economic systems of socialism, capitalism and welfare state always stirs some mixed feelings in me as I try to understand which among the three is better suited for the common citizens. In my early years of studying the economic systems capitalism interested me since it is a system whereby the raw materials are privately owned.
Discussion question.. Is capitalism a necessary evil?
Capitalists rely on the law of supply and demand which implies that if by any chance demand for a good goes up, the prices will follow suit, this economic system saddens me, this means that if demand for a basic good goes up, automatically the prices will skyrocket. What will happen to the poor people who live on less than a dollar a day? Their salaries do not increase so they will be forced to dig deeper into their empty pockets. Sadly, this is the kind of system that we live in whereby if demand for a certain good goes up the prices shoot high up too. Recently there has been increase in oil prices due to its high demand. Citizens such as me tend to suffer the most since our wages do not increase to cater for the increase in price. Capitalism is not necessarily a necessary evil since we can do away with capitalism for the sake of the ordinary citizens.
Socialism on the other hand has always been my favorite economic system since in this system; the raw materials as well as the processes of production are publicly owned. This will imply that a government should be the one playing a central role on behalf of the people as a whole. I tend to find this system comforting since human needs are taken into account, personal gain is also forbidden and therefore it is a system for the people.
I always believe that the welfare system is the best since it consists of raw materials being owned by both the public and the private sector and therefore all of them will work together to have both profit and human needs met.
Study Acers provides students with tutoring and help them save time, and excel in their courses. Students LOVE us!No matter what kind of essay paper you need, it is simple and secure to hire an essay writer for a price you can afford at StudyAcers. Save more time for yourself. Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more