Socialistic VS Capitalistic

After reading a quote from Martin Luther King Jr. he talks about how he is much more socialistic than capitalistic, but he is not opposed to capitalistic. He also thinks though that capitalism has out-lived its purpose. So that brings up the question, has capitalism actually out-lived its purpose? The definition of capitalism is a system in which private or corporate wealth is used in the production and distribution of goods resulting in the dominance of private owners of capital and production for profit. On the other hand, the definition of socialism is a social and economic system characterized by social ownership of the means of production and co-operative management of the economy, as well as a political theory and movement that aims at the establishment of such a system.

One of the differences between capitalism and socialism is that in capitalism the means of production is owned and traded for private owners and shareholders to generate profit. This means it is more focused on individual profit rather than society to profit as a whole. Socialism focuses more on profit being distributed evenly to society. The social structures of the two cultures are also different. In capitalism, classes exist based on their means of production. With socialism, classes are diminished. Although, there is no form of discrimination by the government in either capitalism or in socialism.

One of the biggest differences between socialism and capitalism is how the people control the government. In a capitalistic government, the upper class people are more against the government. The reason they are against it is because they want to privately own their big business so they can make as much money as possible. After these people make all their money and get rich they want to keep their money and do not want the government to have any say in it. In a socialistic government they don’t have that. When you have a socialistic government all factories and other means of production are owned by the government, even though the workers still control it. That is one of the biggest differences between a country that has a capitalistic economy and one that has a socialistic economy.

Some modern day examples of a capitalistic economy is the United Kingdom and the United States, while some an example of a socialistic economy would be the USSR. So even though capitalism worked out before, it may have out-lived its usefulness now.