Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
¶ … Sociology: Capitalism and Socialism
Socialism and capitalism are fundamental schools of thought in the study of economics, with opposing views regarding the government's role in economic operations and economic equity. Socialism is against inequality, and holds that the government has a duty to reduce, or eliminate the said inequality through initiatives that are beneficial to the poor. Such initiatives could include subsidized or free social services such as healthcare and education, progressive taxation, etc. Capitalism, on the other hand, believes that the government, compared to the private sector, is an inefficient resource allocator. Due to this, its role should be limited; and the free forces of demand and supply left to allocate economic resources.
Similarity between Socialism and Capitalism
The most fundamental aspect of similarity between the two schools of thought is that; both recognize the concept of scarcity of economic resources (Lawson, Jones & Moores, 2000). Capitalism and socialism only offer opposing views regarding how these scarce resources can best be allocated among the insatiable human wants.
Differences between Socialism and Capitalism
Socialism and capitalism differ in the areas of economic equality, property ownership, and pricing systems, as summarized in the tabular representation below (Pettinger, 2013).
School of Thought
Socialism
Capitalism
Economic...
They hold the view that inequality is, in itself, a source of innovation, as it pushes the poor to do their best, in an attempt to survive (Pettinger, 2013). Inequality is, therefore, key in the growth and development of the economy.
Property Ownership
Socialism holds that the state should, not only own, but also control all factors of production (Pettinger, 2013). In so doing, the state will have ultimate control over the entire production within a country's borders.
All property, including the factors of production, should be owned and fully controlled by the private sector.
Price Mechanisms
The state sets the prices of goods and services produced locally, based on their degree of essentiality and the people's income levels.
The free forces of demand and supply determine the equilibrium prices and levels of productions (Pettinger, 2013).
The Critique of Socialism and Capitalism
Both socialism and capitalism thoughts have been criticized on a number of grounds, as has been discussed in the subsequent subsection of this text.
Socialism: the opponents of socialism have argued that it leads to inefficiency…
References
Lawson, T., Jones, M. & Moores, R. (2002). Advanced Sociology through Diagrams. Madison Avenue, NY: Oxford University Press.
Pettinger, T.R. (2013). Capitalism vs. Socialism. Economics Help. Retrieved from http://www.economicshelp.org/blog/glossary/capitalism-v-socialism/
Capitalism and Socialism Capitalism Socialism Social Institutions The debate over Capitalism and Socialism is one of the most important debates in the modern era. It has caused countless wars and political movements, which still drives political debate today. However, both models arise from common shifts in the our society's dominant social institutions. Thesis: Capitalism was aided by the decline of religious institutions, replacing those institutions with economic institutions. However, economic institutions, though
Sociology: Marx, Weber and Research Approach When Karl Marx observed how the Industrial Revolution, with its new capitalist economic system, was affecting society and social life, he was especially concerned with the division industrialization brought into society. In his view, this new revolution polarized society into the bourgeoisie (those who own the means of production, the factories and the land) and the much larger proletariat (the working class who actually perform
Sociology Nazi Germany and how it would be analyzed by Karl Marx, Max Weber and/or Emile Durkheim Max Weber, born in 1864, is one of the best-known and most popular scholars of 'sociology', as well as of 'economic work'. One of his best contributions to the cause of economics as well as to sociology is his work entitled "Vertstehen" or what is also known as the theory of 'Interpretative Sociology' and his
Capitalism and Socialism The two dominant economic systems we have in the world today are socialism and capitalism. In this text, I will in addition to comparing and contrasting socialism and capitalism also discuss the shortcomings of these two economic systems. Further, amongst other things, I will highlight the overlaps between the two. Capitalism vs. Socialism In seeking to highlight the key differences between socialism and capitalism, it would be prudent to first
Fathers of Sociology As a discipline, sociology is relatively young. Therefore, many of the great thinkers of the last two centuries have had a tremendous impact on the face of modern sociology. Emile Durkheim, Karl Marx, Herbert Spencer, and W.E.B. Du Bois all contributed to the historical development of the discipline of sociology. One can see the lasting impact of those contributions in how sociologists approach human behavior in modern
" (Barron et. al. 1994) third sociological explanation of individualist precepts is found in social learning theory: Social learning theory tells us that people adopt others (particularly influential persons) as models for their own behavior. Widespread corruption and lawbreaking by society's leaders may therefore have a profound disinhibiting effect on the rest of the population. According to this thesis, the prevalence of crime and corruption leads to further crime and corruption.