These, therefore, promote Dynamism and accounts for a strong reason why the Capitalist system is preferable to the Socialist system.ħ. Dynamism: Capitalism promotes dynamism as producers always respond to changes in the preferences of the Consumer, and the latest trends. This is largely due to the fact that resources are produced and distributed according to Consumer preferences.Ħ. Ensures efficient allocation of resources: In reality, Capitalism is a better system for the efficient allocation and distribution of resources.
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Recommended: How to become a successful business entrepreneurĥ. Rewards Hardwork: In addition to the fact that Capitalism upholds Merit, it also promotes hard work as individuals are driven by the financial incentive in the long run, and as such encouraged to work harder so as to ensure that their companies or businesses attain new heights. This is preferred to a system where there is equal distribution of income, and the indolent are afforded the same economic opportunities as the diligent.Ĥ. The Capitalist system therefore ensures that you earn according to how you work, deserve or wish to earn. Merit: Capitalism is a system that upholds meritocracy over mediocrity. Thus, Capitalism breeds innovation, unlike Socialism where there is little or no innovation.ģ. Innovation is therefore the life wire of development in a Country, as may be exemplified by the fact most problem-solving ideas in most countries of the world emanated from individuals allowed to carry out their businesses. Innovation: Basically, there can be no renovation in a country without a thought of innovation. This stiff market competition puts producers on their toes to ensure that they produce goods that are to the taste of the Consumers.Ģ. Effective production: A Capitalist system results to effective production and rendering of services, due to the competition in the market. It is my considered opinion that Capitalism is better than Socialism for the following reasons:ġ. This leads us to the question which forms the subject matter of this article ‘ which is better between Socialism and Capitalism?’ There have been unending divergent opinions with regards to the systems of Socialism and Capitalism, with some preferring one system to the other and vice versa.
Also see: Countries with the best education system in the world Which is better between Socialism and Capitalist system?
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