Question

What is the primary goal of capitalism? What is the primary goal of socialism? What do you think are the pros and cons of each?

Answer 1

The primary goal of Capitalism is to basically prescribe how we will participate as individuals to achieve the greatest good, thereby creating our own well-being. The primary goal of Socialism is to basically foster a rather cooperative economy by creating a common or state ownership with some cooperative enterprises.

The pros and cons of capitalism :

Pros : 1) It promotes economic freedom which in turn promotes ad enhances political freedom.

2) It is more efficient.

3) People are free to choose what they deserve or want to consume.

Cons : 1)It promotes monopoly power.

2) It usually tends to lead to large inequalities in the society.

The pros and cons of socialism :

Pros : 1) It leads to and promotes a much more equal society.

2) It helps in reducing poverty.

Cons : 1) Lack or deficiency of incentives.

2) The failure of the government.

3) Much slower rate of economic growth.