I've been studying these two types of economy for some time and I'm convinced that I'm for the latter. This is because capitalism breeds greed, corruption, selfishness. It widens the gap between the rich and the poor. They claim that capitalism encourages competition but what do we get at the end of that competition? Greed and self centredness! A mere look at the world events now even convince me that capitalism is a product of thoughts. There are crises all over the countries with capitalism, is it not a sign of a failing economic system? The irony and most ridiculous part is that when these individuals make profits, they pocket it. Right? But whenever they're going down, the govt that we believe has nothing to do with business will still be called to come and bail rescue them. If the basic needs of man can be met without much stress (as it is obtained in countries that practise socialism) then, why promoting a economic system that propels people to crave for more they will ever need?

You highlighted some critical issues. However, both economic systems have its prons and cons. Some would say socialism limits creativity and competition. But on the other hand, capitalism breeds extreme greed and leads to super elite dictating policies and influencing politicians and legislation's. Humans are inherently selfish- some people take it too far- and profit making is something that comes natural to us all.

Conversely, more research and theory is needed to specify a particular system that better suit us well. China is already on it and it is called ' State Capitalism'. It seems to be working pretty well for them.

S

None is better than the other. As long as they are well wrong, no biggie.

You can't really say one is better than the other, but have their cons and pros, looking at it critically socialism have the tendency of breeding inefficiency which can lead to the collapse of any economic system, though people may say capitalism lead to greed and selfishness. the benefits in capitalism far outweigh that of socialism. In the word of Adam Smith, Everybody is selfish, it is our drive to satisfy our individual selfishness that the general interest will be satisfy. As for me, I go for Capitalism 100%

If the Nigerian Politicians are to manage this country using the latter as our system of Government, , Then we are all dead. We are still alive because we run a capitalist system of Govt

Socialism is pseudo-Communism in disguise.

In communism, you work as hard as you can for the state and for others (supposedly).
Needless to say communism doesn't work because of man's (leaders) inability to curb his greed in the long run.
In an ideal world communism sounds the perfect model, but in the real world it eventually crumbles.

Socialism breeds bums who live off the state (everyone else working for the state).

So back to Capitalism which you say breeds greed.
You work as hard as you can for yourself, that is the motto.


None is perfect I guess but
I take Capitalism.

Capitalism is a selfish system which leads to massive exploitation and breeds corruption. Is it not the same system we practises in Nigeria where the government has fully given Dangote the monopoly power of some products( Politically and otherwise power) thereby elimanates any form of competition. Capitalism makes d gap btw d rich n d poor very broad. Socalism leads to equatable distribution of income n resources thereby bridge the gap btw d rich and poor to the minimum. Both definitely have their pro's and con's bt anytime and day i go for socalism system.

olawalebab:

You can't really say one is better than the other, but have their cons and pros, looking at it critically socialism have the tendency of breeding inefficiency which can lead to the collapse of any economic system, though people may say capitalism lead to greed and selfishness. the benefits in capitalism far outweigh that of socialism. In the word of Adam Smith, Everybody is selfish, it is our drive to satisfy our individual selfishness that the general interest will be satisfy. As for me, I go for Capitalism 100%

I concur.

I can't even imagine socialism in an environment like Nigeria. It's the major reason practically all our public enterprises are either dead or dying.

Nice observation and thoughts my brother

@topic, Well its neither here nor there but for a country like Nigeria it can perhaps be yielding if we can carve out a way of applying the two systems. ie, socialism for basic needs and capitalism for further agitation of wealth. You can say for sure that most Nigerians lack basic needs like health care,good roads,shelter an education which is amounting to the social and internet   ;Dcomplaints by Nigerians.   We love life so much that if the basic needs can be met without further growth average Nigerians wont complain.  If you watch libya very well, their socialism worked perfectly well based on their system of Government. so it also has to do with the system of Government and the suitable economic system

Akanbi_edu:

I concur.

I can't even imagine socialism in an environment like Nigeria. It's the major[b] reason practically all our public enterprises are either dead or dying.[/b]

So have we being practicing socialism?

Akanbi_edu:

I concur.

I can't even imagine socialism in an environment like Nigeria. It's the major reason practically all our public enterprises are either dead or dying.

thanks bro.

you need capitalism to make create wealth and you need socialism to ensure that those that cannot compete have the basics, e.g. healthcare, food security/decent living conditions.

I think majority of people have innately capitalist and socialist attributes within them

benimeogu:

Socialism is a dead economic sysem and should not a topic to be discussed. even you, you cannot survive in a pure socialist economy. And mind you,thereis no true socialist economy now, every economic system have so elements of socialist principles called welfarism, so stop deceiving your self and embrass capitalism.

since you stole my idea and posted it before me(just cos you think you type faster)I have no option but to agree with you.(Though I don't agree with the error sha*winks*)

N

pinkrex:

So have we being practicing socialism?

You don't think so?

No country can fully practise a capitalist system intoto. That country will collapse. It has always be either socialism or mixed system which comprises of capitalism and socalism. In theory, you can argue from now still tomorrow to be the best(capitalism) but in practise, oh is hell.

I

Mixed economy(Capitalism and Welfarism) is the best.

Private investment, freedom to buy, sell, and profit, combined with economic planning by the state, including significant regulations (e.g. wage or price controls), taxes, tariffs, and state-directed investment.

The term 'socialism' is Utopian. It is a wishful imagination of man which lacks empirical standpoint since its supposed advantages are its inherent contradictions. Yes! A system of peace, crime-free, corruption-free and equality of men but which failed to survive even a century. When the Bolsheviks struck against Czarist Oprichnia in 1917 in a revolution that introduced socialism in Soviet Union, the world witnessed an alternative form of territorial human organisation. Many countries thought it was their chance; China (1949), East Germany (1945), Cuba (1959) and a host of other eastern Europe countries. All these fell like a pack of cards.

The fact is that even Gorbachev came to agree that no matter how you raise the stake for equality, what you get is more inequality. He therefore initiated the demise of socialism by forcing the policies of 'perestroika' and 'glasnost' in the system. Socialism is planned, regulated, centralized and what have you. Such arrangement cannot bring out the best in the individuals and economic forces in the society. The point I am making is that capitalism as a system has fitted perfectly into the very nature of man and will stay forever. It is much better than socialism.

Akanbi_edu:

You don't think so?

Imperfect mixed economy I think.

@Kholis

u are spot on!

Truth hurts,

e_prynce:

@Kholis

u are spot on!

Truth hurts,

His truth hurts i guess.

emmatok:

Mixed economy(Capitalism and Welfarism) is the best.

Private investment, freedom to buy, sell, and profit, combined with economic planning by the state, including significant regulations (e.g. wage or price controls), taxes, tariffs, and state-directed investment.

I stand with you on this one, although since OP only gave option between both, I'll tend to stick with Capitalism .

I think, Capitalism is worth practicing. This' because, socialism would definitely encourage intellectual laziness. According to X theory as propounded by Mc Gregor, "humans are inherently lazy and would avoid work if they can, " If our country should settle for Socialist economy, a substantial number of work force (people) would be meant to supervise to ensure people do their work. However, the contributions of the mass majority of supervisors would barely be felt in our GDP hence, they'll be enjoying or share from the efforts of those compelled to work. But if capitalism is encouraged as it is now, many people would keep considering working because of what they'll gain as well as investors will keep investing because of the profits they envisage from the sector. However, I believe, they are sectors that can fair well if socialist economy is considered. We must embrace the two theories provided we apply them rightly.

Capitalist economy would have been the best for me if equal right is given to all the enterprenuers irrespective of their political, enthic, and religious affiliations. All these must be eradicated from it. Equal plain ground for every one. Let the market forces plays it natural course. No hoarding or monopoly of any product  whatsoeva.

LOOK at this like this if we actually practised SOCIALISM IN NIGERIA we would far worse off than we are today!! (Taking into account the level of corruption in Nigeria)

I think the scandinavians adopt socialism completely i don't see them having problems though.

Why are the capitalist countries having issues then?

Capitalism works well for some countries while others socialism. But neither of them will work in this country

Well as a student of Political Science, in obedience of the ethics of my learning not to be bias in judgements, I would say the both economic systems may either be good or bad depending on the sub-structure (POLITY) which they are made to lay upon. For the western societies, capitalism appears to be the best means to attain well financed economies, and in maintenance of their economies, there appears to be the need for them to search for potential markets to export their ideas and products hence the trend of GLOBALIZATION. But i will say for the developing world, Capitalism + Massive Welfarists Dispositions by the government must be present. Belief in local industries and local content. Strict Regulation of importation and export encouraging polices must be present. Private firms if present must be compete against and defeated in the market.

I am sure IF the Fed Govt had improved Nitel and made it work, it would be well patronized and more affordable than the ones present right now.

The case of Libya is one good example. I bet soon, Libya will have more Western Industries than Nigeria as the Iron Man is GONE.

Me i shaaa dey pray for my country sayyy one day e go beta

This question is most properly put as 'freedom and incarceration' which one is better? There is no such thing as 'state capitalism' @Mr--Why . . the paradox is too glaring to go unnoticed. State equals collectivism while capitalism is based on private owners for profit. China is predominantly a capitalist nation . . .  Socialism is hell.  And i hear people talk of greed - what is greed? EVERYONE IS GREEDY. We do not have a problem of capitalism at the moment it is a problem of government meddling . . .