Explore BrainMass

A brief comparison of socialism and capitalism

Describe what would be the best combined features of the economic systems of capitalism and socialism while minimizing the disadvantages of each. Explain your answer

Solution Preview

The best way, well I believe easiest way to approach this is to use Marxism as your base if you have been covering this in class. Structurally, it is probably easiest to first talk about capitalism, then socialism then offer a brief analysis / comparison of the two highlighting the positives of each. As with any assignment, refer to your notes, class discussion and reading materials to support your points.

Remember that both are economic structures and both include for profit and non-profit companies. They are also also fairly simple in terms of structure. Capitalism in its true form is an economic system that is based on the exchange of goods and services. Since we use money as a form of payment rather than bartering for other goods and services, the main idea is that people will pay what they believe a certain good or service is worth. For example, $1 for a head ...

Solution Summary

A discussion of the benefits and disadvantages of capitalism and socialism using Karl Marx's theories as a theoretical foundation of analysis.