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Capitalism vs. Socialism – Which is the moral social system?
When discussing social systems, as capitalism and socialism, one must consider the influence that each [system] had in many countries on grounds of morality. For instance, both systems share moral advantages and failures that have been attributed to societies throughout years. Socialism is an economic and social system, with strong emphasis on the role of government and the economic equality between people in the society. In contrast, capitalism is the social system which relies on the free market and private enterprise as the solution for a better society, implying economic inequality as a moral and as a human right. Based on the ground of moral principles, capitalism in contrast to socialism is deemed more suitable to a moral society, since it brings prosperity, opportunity and wealth to every individual based on their own abilities, work, reasoning and thought. For this reason, capitalism is a moral social system and should be adapted by any society.
Firstly, we should define what morality is to capitalists and what ethical standards are used to judge a social system. As the philosopher and author, Dr. Peikoff, mentions: “…the standard of morality is man’s life-that which man requires in order to sustain his life. Whatever man requires by his nature in order to survive, we regard as the good or the moral”. In other words, reason and thought are the main tools that a person uses to survival. Ideas are a result of reasoning and thinking and therefore value and wealth is created. These human values are than enriched by the individual, while they are created as a result of one’s own work and achievement. Therefore, the individual must protect these achievements through self-preservation. Namely, self-preservation could be compared with selfishness, which is argued by socialists as immoral, because they [socialists] relate morality with self-sacrifice. On the contrary, capitalists argue that there is...