Socialism and capitalism Essay Example | Topics and Well Written Essays - 500 words

Socialism and capitalism - Essay Example italism is usually characterized by the competition whereby there is rivalry in the supplying of the goods and services and the acquiring of the goods and services. The producers compete with other producers of the same category; the distributors compete with other distributors for the sale of property, goods, and services. The buyers of the goods and services also compete with other buyers to acquire the services and the goods at a favorable price for themselves. The sellers of the quality and services also compete with other people in their category to sell their products and service at prices that are favorable. At the same period be able to make favorable profits for their companies. This allows people, who use the capitalism ideology to fight for themselves, and one of the involved parties can get hurt, but they will not be allowed to complain because there are no regulatory authorities involved in this ideology. Capitalism gave rise to industrialism since people wanted to start doing productions and they could not rely on the governing body to create industries that could be of use to them (Navarro, 2011 p65). On the other hand, Socialism is an idea whereby the government or the regulatory authority implements rules that govern the planning of the economy of the nation, the production of the goods and services and even the distribution ruled of the goods and services produced in the nation or imported in to the country. The ideology of Socialism contrasts the idea of capitalism considerably since capitalism is all about free markets where property is privately owned, and the owners are able to determine the prices of the goods and services produced, while socialism favors cooperation and the prices of the goods and services are standardized (Ferrante, 2012 p87). Socialism and its ideologies came up in the 18th century to respond to the industrial revolution where the owners of the industries were becoming richer, and the workers of the industries were