History & Civics
If you are given a choice between Capitalism and Socialism, which one you will choose and why? Give reasons to support your answer.
Industrial Revolution
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Answer
I will choose Capitalism as it has proven to be the most effective system for generating wealth, creating jobs, and improving standards of living for people around the world.
Capitalism provides a framework for a dynamic, efficient, and innovative economy that respects individual freedom and choice. It believes in free market and is opposed to government intervention. Many Capitalist countries like the USA, the UK, Canada and Australia; are developed and successful.
To prevent the drawbacks of Capitalism, the government should enforce laws in favour of labourers and working class to prevent their exploitation. Government should enforce laws of fair minimum wages and reasonable working hours. Labour laws relating to safety of labourers and protection against exploitation should be enforced to check the evil effects of the Capitalist economic system.
While socialism has its own advantages, it often involves government control of the means of production, distribution, and exchange, which can lead to inefficiencies and a lack of innovation. This can stifle individual initiative, creativity, and entrepreneurship.
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Related Questions
With reference to Capitalism and Socialism, state the following:
(a) Difference between Capitalism and Socialism in terms of control over means of production and profit.
(b) Two key proponents of Capitalism and Socialism. Give examples of two countries where each economic system is prevalent.
(c) What according to you is better of the two economic systems? Give reasons to support your answer.
With reference to the picture given, answer the following questions:
(a) Identify the person in the picture. Name his long time associate and co-author. Name one famous publication of this person and his associate.
(b) What were the causes for the rise of the economic system propounded by these two individuals?
(c) Briefly describe the type of society they envisioned.
Do you think that the Industrial revolution was an offshoot of the Renaissance? Give reasons to support your answer.
Imagine that you are transported in a Time Machine in the era when Industrial Revolution began in England. Write down the problems faced by the workers who were used to making products by hand.