Capitalism and Socialism

Capitalism Socialism Social Institutions

The debate over Capitalism and Socialism is one of the most important debates in the modern era. It has caused countless wars and political movements, which still drives political debate today. However, both models arise from common shifts in the our society's dominant social institutions. Thesis: Capitalism was aided by the decline of religious institutions, replacing those institutions with economic institutions. However, economic institutions, though dominant, demonstrate the serious void in ethics and compassion left by the decline of religious institutions.

Key Tenets of Capitalism

Karl Marx, the icon of Socialist economic theory, believed that society evolved through a progression of discrete stages, where the level inequality and exploitation diminishes until the economic organization of the society makes exploitation unnecessary. (Singer, 10) This exploitation was considered by Marx to be rooted in the ownership of property and the means of production, which encouraged...
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