Capitalism is define as an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state. A political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. Most Americans over 50 were taught that “capitalism” was better than “socialism,” and that America was “capitalist.” More recently, “capitalism” has fallen out of favor. The ostensibly conservative Richard Nixon famously quipped, “We are all Keynesians now,” by which he meant, nobody is a “capitalist” anymore. Few people today are willing to identify themselves as defenders of capitalism. Capitalism is not trendy in our day. A self-identified “socialist” is far more likely to get a teaching position at a major university than one who openly defends “laissez-faire capitalism,” ceteris paribus.
In my opinion I think that socialism is more popular due to the fact that social Equality is a consideration for public education is an example of attempting to equalize the minimum education for all people. Also the reason why I think that socialism is more popular in the US is because it covers situations such as medical equality and political equality as well.One positive thing of capitalism is that economic freedom helps political freedom. If governments own the means of production and set prices, it invariably leads to a powerful state and creates a large bureaucracy which may extend into other areas of life. One negative thing about capitalism is that monopoly Power. Private ownership of capital enables firms to gain monopoly power in product and labor markets. Firms with monopoly power can exploit their position to charge higher prices.
One positive thing about socialism is economic equality which is by means of minimum wage, food stamps, social security, public housing are some ways to reduce absolute poverty. One negative thing about socialism is communism. Some believe that socialism is the first step to communism (basically equal pay, no rich or poor). Historically communism has failed in every country that it was attempted because of lack of motivation to produce goods, and most socialistic countries do realize the fact that communism does not work. Moreover, communism is not the guaranteed outcome of socialism. Rather, communism is an extreme form socialism. For instance, in the capitalistic country of the United States of America, they have Social Security for their retirees, yet the USA has almost no desire for communism to speak of.
As a result, socialism does not imply communism. Functionalism is one the three principle theories in sociology alongside Marxism and Social Action Theory that dictate the principles of how society works. Functionalism tells us that values in society acts as a bonding agent for all the agents of society and in this case this value is materialism. People are wage slaves to produce the products, education exists to push people into having skills that are needed to create such products, media advertises all these products etc. Capitalism has a basis in that it needs people to feel materialistic at its heart in order to function so that it can act as a glue for all these agents in society to function.
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