Question

Analyze socialism and capitalism in relation with the Philippine Society. Which of these Economic System would work in our country.

Answer 1

Socialism is the economic and political theory according to which means of production in the economy should be owned by the society as a whole, or in other words means of production should not be owned privately. Whereas according to the theory of capitalism, means of production should be owned by individual people, who in turn, use the means of production available with them to maximize their profits.

In my view capitalism would work as a much better economic system in our country. Socialism may sound very interesting and egalitarian, however, its inapplicability due to the beliefs such as equal pay inspite of the difference in productivity level of two workers, shows that it is not an ideal economic model to be followed in our country. The greatest evidence in support of capitalism is the acceptance of market economy in China as well as failure of socialism and its policies in the world, especially Eastern Europe.

Therefore, I think Pilippine society should accept capitalism as their economic system or model for a successful and better economic and political future.