Manglapus, Giana L.

BSN 3-B
CAPITALISM AND SOCIALISM
The major differences between capitalism and socialism revolve around the role of the
government and equality of economics. Capitalism affords economic freedom, consumer choice,
and economic growth. Socialism, which is an economy controlled by the state and planned by a
central planning authority, provides for a greater social welfare and decreases business
fluctuations. The capitalist economy is unconcerned about equity. The argument is that inequality
is the driving force that encourages innovation, which then pushes economic development. The
primary concern of the socialist model is the redistribution of wealth and resources from the rich
to the poor, out of fairness and to ensure equality in opportunity and equality of outcome. One
determinants of health are the employment condition, the more beneficial to health economy is the
socialism since even during times of economic hardship, the socialist state can order hiring, so
there is full employment even if workers are not performing tasks that are particularly useful. In
this case, even though we belong to the poor family, but we van be employed, we can afford some
medical expenses and also, we can be healthy because we have a budget for food. The United
States, Germany, India, and Japan for instance, are usually considered a prime example of a
capitalist country. Sweden, North Korea, Cuba and Russia are often considered a strong example
of a socialist society.

References:
Hurst, M. (n.d.) Capitalism vs. Socialism: Differences, Advantages/Disadvantages & the
'Underground Economy' retrieved Sept. 18, 2017 from
http://study.com/academy/lesson/capitalism-vs-socialism-differences-advantages-disadvantages-
the-underground-economy.html#/transcriptHeader
Jessica (November 2012) The Five Most Capitalist Countries in The World retrieved
September 18, 2017 from http://blog.peerform.com/the-five-most-capitalistic-countries-in-the-
world/.