Early or late industrialization - Essay Example

Capitalism on the other hand is the belief that the government does not utilize economic resources efficiently as private entities. Therefore, the society would be much better in a free market economy, which determines winners and losers. This topic is important because, essentially, communism and socialism are among the main economic systems, alongside capitalism that have existed since the industrial revolution. Both of these systems have their own merits and demerits. It is therefore, with this reason that the author wishes to conduct an evaluation on what these systems are, plus the merits and demerits associated with them.

Since the Soviet Union abandoned the communism, the assumption that capitalism may be the only effective economic system have been aggressively marketed in the capitalist media. This view seems to gain credibility owing to the failure of communism with regard to its aims, corruption, totalitarian, and gross inefficiency. This topic is related to the discipline of economics to the sense that it makes us understand the meaning of economic success. A comparison of the two systems, that is socialism, and capitalism will make us to understand the meaning of economic success.

An economic system that is perceives as being unjust and then led to a global poverty would be indeed a dubious achievement. It may be rightly argued that the economic justice is jeopardized when the outcome is peoples ‘that is instigated by poverty. In another spectrum, an economic system that is perceived as being unjust, and which leads to wealth, being concentrated in the hands of a few is a more dubious realization. Further, an economic system that does not motivate individuals and is inefficient cannot be said to be just or capable of producing much wealth.

Finally, the ecology can only support much economic entrainment as well as wastes. Most ideologies of communist are derived from the