Capitalism vs. Socialism

In simple terms, capitalism is the economic thought process that focuses on having a free market. The economy would be beneficial for those who naturally rise on their own economic wins if the government did not play an important role in deciding where and how the money should flow. However, there are those who are unlucky in the economic world that often find themselves on the other end of the spectrum with little to no financial help.

Socialism on the other hand focuses more on uniting groups of people together, while also creating more economic equality through social programs such as welfare, free healthcare programs and education for the elderly and children who struggle in poverty. Socialism also implies that in order for such programs and benefits to exist, the government must play an important role in regulating where the money comes from and how it should be distributed throughout the country. The government would have the means to raise taxes among the rich to provide funding for the poor. 

According to Simon Dresner's book, The Principles of Sustainability, methods of capitalism are not as sustainable as the methods of socialism. Capitalism is seen as a more personal way of handling issues where people often believe that "every man is for himself." People would chose to focus more on their own problems, successes, and growth instead of paying special attention to the bigger picture of sustainability. Capitalists such as Thomas Malthus wanted to focus on economic growth by raising the standard of living for individual families. Socialists such as Karl Marx wanted to focus on preserving power and control of not only the economy, but also the environment, to meet the general and basic needs of humans. He explained that growth is very limited and that supplies should only be produced and consumed if it is beneficial for many people or in multiple ways. The idea of socialism is to gather people together and have them see the bigger picture of their world now and where it is headed in the near and distant future. This is why the idea of socialism fosters a better plan for sustainability.