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Capitalism and Socialism - Essay Example

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Such institutional characteristics include; education and vocational training, industrial relations, inter-firm relations, corporate governance and…
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Capitalism and Socialism
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Download file to see previous pages The table below pinpoints the differences between the forms of capitalism based on the institutional characteristics;
An example of a ‘humane’ capitalist country is Germany. Such capitalist countries get referred to as ‘humane’ due to the characteristic of their institutional set up. As much as their capitalist economies get based on profit making, accumulation, and direct competition; these economies value their human population through their institutional set up (Soskice & Hall 65). ‘Humane’ capitalist economy setup aims at attaining equitable income distribution for each individual in the economy. They try to create a sustainable and equitable economic environment for every player to make their contributions through their policies. ‘Humane’ capitalist economies gear their policies towards efficient service delivery for the people. An example of a ‘brutal’ capitalist economy is the United States. Such countries get considered as ‘brutal’ as they advocate for direct competition among its economy players. This competition leaves a percentage of the population vulnerable to poverty (Soskice & Hall 123). ‘Brutal’ capitalism represents a man eat man society where the more an individual has, the more the individual is likely to accumulate more and take part in the economy. ‘Brutal’ capitalist countries are more likely to place profits over the people.
A ‘humane’ and ‘brutal’ capitalism cannot exist together. This is so because if they do, then it would revert to the general capitalist economy which contains strains of both forms of capitalism (Soskice & Hall 133). These forms of capitalism cannot compete directly but rather, indirectly.
Einstein argues for a socialist future over capitalism. This is so as Einstein believed that a socialist future would help cure the evils of capitalism. He suggests that there be a socialist economy ...Download file to see next pagesRead More
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