The social system which is based on individual rights is referred to as Capitalism. In the political scenario it refers to the system of freedom, and in the legal field it refers to the system of objectivity in laws. The economists call it a free market economy where there are free flow of goods and services. Socialism on the other hand refers to a state that is centrally planned and the economy and other means of production are controlled by the government. This e essay is meant to discuss the key tenets of socialism and capitalism and also focuses on the competitiveness in terms of technology savvy and finally discusses institutions which help in the making of one of the two economic philosophies.
Key Tenets of Capitalism
The first tenet is the individual rights, where capitalists focus entirely on the rights of an individual. This aspect of life leads to competition which sometimes becomes an ailing to many businesses. There also the tenet of limited government intervention especially in the oligarchic capitalism where much of the control is on individuals. In state capitalism where the government exercises controls on the production processes, the rights of individuals are non-existent.
Another key tenet of capitalism is the equal justice under law, whereby all the individuals whether rich or poor have a system of justice which is fair to all. This tenet ensures there are no major inequalities when it comes to the application of justice. Private ownership is another key tenet of capitalism where the individuals have and exercise the rights to ownership of properties. There is freedom to own and dispose properties at will in this system of economy and governance. Lastly but not the least there is the tenet of the golden rule which basis its application on the principle of fair treatment to all. This is the guiding factor in this system of capitalism and must be applied for justice to prevail for all.
Key Tenets of Socialism
Socialism being the aspect of a centrally planned economic system exhibits the following tenets. The first tenet is the advocating for revolution in all the systems of the economy. This is mainly accomplished by the use of the strengths and resources. There also the preservation of the ecosystem which has been degraded by the capitalist system of economics. Another key tenet is the qualitative criteria whereby production processes are aimed at meeting the needs of the vast group in the society thus a sense of quality living.
Another key tenet is the recognition of the natural ecosystem and working towards it sustainability. There is the wide spread campaign on the use of renewable resources while still conserving the non-renewable ones. This system will ensure the cases of global warming are minimized and the society of tomorrow will have a place to live. This system of economics will also encourage regional integration thus transfer of knowledge and skills from one region to another and this will result to a harmonized world.
In terms of the viability in the technological reign, from my opinion I think socialism is the one which is more viable than capitalism. This is so because it encourages sharing of scientific knowledge and technology with the other world. It also caters for the environmental conservation as opposed to capitalism which degrades the ecosystem.
Sociological Institutions that Promote Socialism System
Socialism economic system in a vacuum; it must have the support of other social and even economic system for it to be viable. The following is a discussion on two major social institutions that promote socialism. The first institution is the family which is the basic unit of an individual. All the principles of ethics and morality are mainly taught at home thus the promotion of a social being. An individual person will be taught how to interact with people and also aspects of not being selfish.
The other major institution is the religion which is the basis of teaching the spiritual morality. Though people have different religions but the ideologies most of the times rhyme and this enhances the development of socialism. Religion condemns war which ruins the stability of the society and in turn leads to poor economic times. Poor governance is also criticized by the religion and thus all leaders will ensure integrity in their roles. All these will result to a harmonized system of social existence and thus the growth of socialism as an economic system.
Conclusion
There cannot exist a system of pure socialism or pure capitalism, there is always instances of the mix. It is clear from the essay that some of the tenets in capitalism are represented in the socialism system and thus the integration of the two economic systems will facilitate economic growth and development in nations. Social institutions should hammer the essence of maintaining ethics so as to promote a world of integrity in economics and governance.
References
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Baumol, W. J., Robert, E. L., & Carl, J. S. (2007). Good Capitalism, Bad Capitalism and the Economics of Prosperity. New Haven: Yale University Press.
Landes, & David, S. (199). The Welth and Poverty of Nations: Why Some So Rich and Some So Poor. New York: Norton.
Philippe, A., & Steven, D. (2004). Institutions as a Fundamental Cause of Long-run Growth. Amsterdam: North Holland Press.
