Various theories and ideologies have been introduced to try to establish awareness of the socio-economic and political nature of the life of various people in different societies (Roskin, Cord, Medeiros, & Jones, 2010). Capitalism in my view presents a profound economic system, which seeks to permit an individual in person and society.
Capitalism can be said to be a socio-economic system, which is premised on the recognition of individual rights, which is inclusive of property rights privately owned. The situation within this incident grants individual rights as well as supports private property acquisitions in which production is reliant on the economy that is poorly managed. Within the community, people work for their economic self-concerns, which in return boost the entire community’s self-concern. For a liberal market economy, individuals amass personal wealth and, on the other hand, create opportunities and accumulate wealth for others, as well.
Capitalism strives to achieve performance while at the same time giving incomes to, workforce through generating, managing, as well as enhancing division of labor and competence. Capitalism majors on individuals living on their effort, and at the same time respecting the rights of others (Roskin, Cord, Medeiros, & Jones, 2010). The economic life of a capitalist is with limited control of the state. The state, however, is not excluded from the running of the capitalists’ affairs.
Capitalism being a political economy involves participation in economic activity with maximum freedom with the aim of government regulations. These regulations are in agreement with capitalism’s economic principles and are meant to grant justice. It is; thus, crucial for the government to get more involved with society to achieve capitalists’ goals. The government should also get more involved in giving full protection to human rights, private property, and against external aggression. In protecting real property, it should also protect instruments of production. The government should also get involved in the legal protection of capitalists and offer them rightful privileges (Roskin, Cord, Medeiros, & Jones, 2010).
The government should also put in place commercial regulation, which enables free trade as against monopoly. These regulations will provide an opportunity for everyone to contribute and participate in the production. Capitalism, which promotes private ownership of property, is far away from communism, which promotes common ownership (Roskin, Cord, Medeiros, & Jones, 2010).
Communism is an economic system where the property is held in common unlike privately. It is a socialist system, which promotes a classless, moneyless, and stateless social order, which aims at obtaining common ownership of production made to sustain social order. Communism came to place with the idea of bridging the gap between the rich and the poor by common ownership of property. This ideology did not believe in personal struggles for self-gain, which is in contrast to capitalism. It also does not the belief that an individual cannot participate economically and actively at whatever level. Communism relies on general effort and individual effort is not specifically considered. Capitalists, political, and economic systems through their ideologies best suit the United States government as it ensures the smooth running of the country’s growth and development (Roskin, Cord, Medeiros, & Jones, 2010).
Capitalism encourages economic prosperity and economic freedom as anyone can benefit from their success through the private establishment. When individuals build personal assets, it creates opportunities for other individuals and the government will be wealthy. When an individual receives a reward for hard work, he works even harder. This system is; thus, an incentive to work harder. With capitalism, individuals also gain independence from relying on the government, persons, and the country thus will grow socio-economically through capitalism (Roskin, Cord, Medeiros, & Jones, 2010).
Reference
Roskin, M., Cord, R., Medeiros, J., and Jones, W. (2010). Political science: An introduction (11th ed.). United States: Pearson Education.