Capitalism vs Marxism

Essay by njgal2006High School, 11th gradeA+, May 2005

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Capitalism is an economic system that is controlled by individuals and private companies instead of by the government. Individuals and companies own and direct the resources used to produce goods and services including land and other natural resources. They also control labor and capital. Capital could come in terms of factories and equipments and sometime even just plain money used in business. Capitalism stresses private economic choices. In capitalism the people are free to decide how they earn and spend their income. Capitalism had its problems. It caused economic instability, inequalities in the distribution of wealth and neglect of the public interest.

The basis of Marxism is the conviction that socialism is inevitable. He believed that a free enterprise system or in other words capitalism was doomed and that socialism was the only alternative. He believed that the process of production was a collective effort instead of an individual one.

He also believed in division of labor which meant that each person specializes in one job which would lead to the development of two classes of people, the rules and workers. He believed that Marxism would get rid of class struggle which he also believed caused all the problems in history.

Marxism would be better for a poor native of Africa but capitalism would be better for a rich industrialist in New York. A rich New York industrialist would be better off controlling the economic system by himself because he knows how to do so whereas a poor native of Africa might not know how to do it. Even if the poor African did know how to control the economic system he may not be able to do it as effectively and efficiently as the New Yorker.

I think that capitalism is good for the United States because our government...

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