Economics #1

Adam Smith was the first person to propose the idea of capitalism. In this form of government there is a Laissez faire (let things be) approach which in turn gives much more freedom to the people. Capitalism includes the right to private property, there are buyers and sellers (economic freedom), competitive markets (law of supply and demand), and limited role of the government. On the other hand, Karl Marx is the founder of socialism/marxism and in that form of government there is no right to private property, no economic freedom, there is a closed market, and a government run economy. It seems clear as to which one would be a more prosperous government system for the people, but it still remains a hot topic of debate.

Mr. Moore, in his lecture, argues that as a nation we should switch from capitalism to socialism. He claims that capitalism is a 16th century idea and that we need to move toward the future and with that toward socialism. However, since America maintains a balance of the two ideas, it has been around for so long. It just proves the success that it has had in our country. Many other countries have tried forms of government other than capitalism and have been unsuccessful. America has been one of the most prosperous nations because of the waffling between capitalism and socialism. Also, in Moore's arguement, he say that socialism is democracy and Christianity. First of all, there is no way for socialism to be considered democratic because there is no freedom given to the people. Everything is under government control and the people have no say. It is in fact the opposite of democracy. Second of all, when he says that socialism is christianity is also a false statement. Capitalism nor socialism is Christian. Christianity is a religion, not a government system. Lastly, if we were to live in a socialist enviroment like Moore suggests, there would be no motivation for people to have successful job titles. The number of doctors and other people with difficult jobs would decrease significantly due to the fact that everyone is paid the same amount no matter what they do.