What are the benefits and drawbacks of living in the US, a capitalist system, versus living in Belgium, a socialist economic system? Weegy:
The benefits of living in the US , a capitalist system are ;
1. The right to own property is central to man?s existence. [ Private ownership of property (including land, businesses and goods) gives individuals security and a means to control their own affairs. Ownership brings responsibility and allows individuals to plan for the future so as to provide for themselves and their families.
2. In capitalist systems, society is ruled by the individual. Who would want to live any other way?
3. In capitalism, the market determines price, including pay - the price of labour. If some people are paid huge sums, that is because other people believe they have unique talents which are worth paying for. If they fail to perform, then they will stop being rewarded so highly. This is all part of a dynamic capitalist system which values individuality and rewards ability and risk-taking.
The drawbacks are as follows :
1. The wealth of the earth belongs to all men or to none. Under capitalism, property is concentrated into the hands of relatively few well-off people, leaving the many with nothing and at the mercy of the rich for work, charity, etc. This leads to gross inequality, exploitation and misery. Socialism seeks to redistribute wealth and to ensure that the means of production are at the service of the whole of society, so that all can benefit and none will go without.
2. Capitalism rewards people in perverse ways. Some footballers or company chief executives earn a thousand times more than nurses. Wealth is concentrated in the hands of the few. The rich get richer, the poor get poorer. The poor are fooled into thinking that they can gain in capitalism, when really all their wages do is hold them in place ? their savings are swept away in the first moments of unemployment, a concept central to capitalism but one that socialism destroys.
3. Capitalism may use the language of human rights, but it only really respects the right of the weak to starve in the gutter, and the right of the strong to keep them there. ] Auto answered|Score 1|bongche|Points 1705|
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