Week 04 Reflection -- Socialism and Capitalism for the Individuals

in #gradnium5 months ago


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I found socialism isn’t as attractive as many young persons understand. Socialism has an interesting concept of shared authority of production and distribution. The problem with socialism is that with controlled production and distribution leaves entrepreneurship behind. There is no value in socialism for entrepreneurship and innovation. The goals of individuals within a socialist society would not push for improvement of products unless the product is very inefficient. For an individual in a socialist world to make an impact, they would have to make be in a position to either tell the controlling government the vision they should strive for or work with the governing collective to get a strong enough unity toward a single vision. This would be unrealistic because people within the government or collective have differing visions for the future, which would prevent many people from impacting society other than simply doing their obligated duties. Young persons tend to associate socialism with civil rights movements or ideas, but socialism is simply a step towards dream of communism. With a number of young persons growing up with this incomplete understanding of socialism, I am concerned about how the future of the United States of America drift. I find a more capitalistic economy preferable to a socialist one. Places like Venezuela started as capitalist leaning, but over time leaned toward socialism. The result is that the community has limited control over the economy they live in due to the violation of safe voting.
As I mentioned previously, I would prefer a capitalist economy. The problem with being too capitalistic is the reliance on government. The government would need to be careful of to not encroach on individual liberties and not to prefer specific organizations or individuals over others. Some people view Wall Street as dangerous to the public, but this is only the case when the government intervenes in order to protect a company or individual. The response to this could be that certain companies provide a very important service or product, but this should not exclude them from rules of the game. If a company makes poor decisions, they are to feel the backlash from it in order to learn. Companies should rise and fall as management changes. If a single company remains overly profitable for too long, they may begin to prevent new entrepreneurs from entering the industry or market as an alternative. This prevents improvement in the industry from the “new blood.” As an up coming engineer, I would like to have a better opportunity show my skills in a new company rather than a full and conditioned company. The reality of socialism and capitalism is that all of one or the other can be a bad thing for the people that live under that society.