History, 25.02.2020 16:56 LizzieS8167

An outline for an argumentative essay about capitalism and socialism

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Answer from: scl

Let's start with a definitive description of each.

Capitalism: is a free market economy, where goods and services are produced by private firms. The goods produced are determined by market forces of Demand and Supply.

Socialism: is an economy where each member of the public owns an equal fraction of the means by which goods and services are produced. The goods produced here are determined by the government.

Explanation: I am going to list some of the Advantages and Disadvantages of each so that you can pick the advantages of the system you are supporting and the disadvantages of the other system in your essay.

Capitalism

Advantages:

It ensures that only the goods needed are produced as the market is controlled by demand and supply.It encourages innovation and personal development as better skills and products lead to higher income.

Disadvantages

It can neglect to produce necessary goods in the economy when focus is only on goods that give the highest return.It leads to inequality between the people in an economy.

Socialism

Advantages:

It leads to equality, people enjoy equal standards of livingIt corrects market problems such as monopolies, price fixing and cartels.

Disadvantages:

There is an absence of innovation due to lack of competition, so there is no drive to improve on the current goods, services or methods of production.It leads to bureaucratic bottleneck as decisions usually have to be taken by several government officials in a bid to ensure that rules are followed.

Answer from: Quest

the answer is catholics

Answer from: Quest

the industrial revolution pushed the world into modern industrialization. it changed the course of history profoundly. it caused rapid urbanization and pushed cities and countries into development. the industrial revolution began in great britain with a series with new inventions which led to the creation of machines and mass production.

this caused the country to gain wealth and money and become an international superpower. it improved transportation and manufacturing inside the country, pushed people to live in urban areas and britain to become the most powerful nation in the world for a while.

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