Capitalism or Communism, which is more reliable? Pros and cons of both systems are plentiful, making our quest to formulate a balanced and non-opinionated conclusion a grueling task.
What is capitalism?
Capitalism is defined by Oxford Dictionary as an economic and political system in which a country’s trade and industry are controlled by individuals, instead of by the state. One common aspect of capitalism is the diversity which is presented in terms of money. This automatically contributes to the efforts and motivation generated when people strive to achieve higher goals. In striving harder to attain a higher position in society, the individual as well as the overall society benefits as a whole.
Pros of Capitalism:
Freedom: Capitalism allows each individual complete independence to provide for themselves, and build their own future. It is therefore the choice and will of the individual, which kind of a lifestyle they would like to maintain. However, a communist system calls for more government regulations such as controlling salaries. Freedom allows curiosity to develop, which in turn leads to innovation.
Cons of Capitalism:
Every rose has its thorn, and the same applies to the system of Capitalism. A generous amount of freedom is appreciated by many in capitalist societies. However, if there is a circumstance in which the amount of freedom provided is restricted or excessive, the situation crumbles, and all hell breaks loose. Critics call capitalist societies to lead to corruption when providing excessive freedom.
What is Communism? Communism is a system in which the government holds control over its citizens’ economic endeavours. In a communist society, equality is the main aspect of life. One of the most positive components of communism is the prospect of all people being provided with the same basic needs for survival. This prevents issues of inequality. Communism sets an equilibrium for the standard of life.
Pros of Communism:
With recessions constantly occurring, unemployment rates are rising. According to the Guardian UK, in 2011, the workforce was reduced to almost 7% cutting 270,000 posts from the public sector payroll. However, in a Communist society, unemployment is not an issue as everyone is provided with a job, and a set salary, which is enough to provide for their basic needs.
Cons of Communism:
However, Communism can also be negative in terms of a country’s development. With set rates for all the working class, there is little opportunity for development to occur. Higher salaries and higher positions in society are often the main goals people strive to achieve. If a nurse wants to become a doctor, they need to have some sort of motivation, of how their life and rights will change once they do so. According to the delegate of China, “Communism is a concept which could only operate properly in a perfect world. Unfortunately, we do not live in a perfect world.”
Communism and Capitalism both have their thorns and roses. The question goes on unanswered.
By Hannah Akhtar
Photo By: Mohammed Al-Malek