The moral value of equality in capitalism and socialism

Introduction

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Conclusion

The value of equality has been an endless problem in the face of humanity and development, and has been regarded and various ways; whilst socialism presents a more attentive view towards the socioeconomic problematic, capitalism disregards it as something less important, prioritizing the development of large industries and businesses that could easily become entire monopolies, expanding the economic gap between social classes in a seemingly endless way.

Socialism proposes a more equal socioeconomic context by removing private forms of property and resources, giving almost absolute control to the government.

Since its origins, socialism has emphasized in the equality that modern society lacks, solving the issue by making everyone equal in the eyes of the government or given authoritarian power.

Capitalism, on the other hand, lays down a path for certain beneficious individuals to exploit economically disadvantaged groups and gain even more socioeconomic power by doing so.

Socialism is a solution that humanity has searched for throughout its history, a solution to inequality, but at what risk?

In its origins, the political ideology and form of socialism has proposed and heavily supported an almost forced equality amongst individuals, proposing a seemingly aggressive and oppressive control of economic development.

This is seen with the Greek philosopher Plato, who suggests an entirely communitarian society, with not only resources but children and wives being shared amongst individuals. Plato forms part of a hidden socialist rise that we have seen lost in centuries before the industrial revolution (which is the official rise of socialism with Karl Marx's proposals).

However, the socialist proposed ideas do solve socioeconomic inequality almost completely. In stead of treating individuals, socialism considers society as a group, establishing strict proposals to be followed entirely. In an ideal socialist society, a professional engineer wouldn't earn a significantly different amount of money compared to a school-maintenance working individual.

Due to lesser rewards, individuals will lack motivation to advance and move development forth. There is slow economic growth and entrepreneurial opportunity or competition, which leads to a monotone-like society, with a good achievement of equality, yes, but an attachment to the lack of freedom to be an individual human being.

In a purely socialist system, all legal production and distribution decisions are made by the government, and individuals rely on the state for everything from food to healthcare. The government determines the output and pricing levels of these goods and services.

Socialists contend that shared ownership of resources and central planning provide a more equal distribution of goods and services and a more equitable society.

W. Kengton (2022) Socialism, Investopedia https://www.investopedia.com/terms/s/socialism.asp

Socialists complain that capitalism necessarily leads to unfair and exploitative concentrations of wealth and power in the hands of the relative few who emerge victorious from free-market competition—people who then use their wealth and power to reinforce their dominance in society. Because such people are rich, they may choose where and how to live, and their choices in turn limit the options of the poor.

Ball, T. and Dagger, . Richard (2022, April 11). socialism. Encyclopedia Britannica. https://www.britannica.com/topic/socialism

Its intellectual roots, however, reach back almost as far as recorded thought—even as far as Moses, according to one history of the subject. Socialist or communist ideas certainly play an important part in the ideas of the ancient Greek philosopher Plato, whose Republic depicts an austere society in which men and women of the “guardian” class share with each other not only their few material goods but also their spouses and children.

Ball, T. and Dagger, . Richard (2022, April 11). socialism. Encyclopedia Britannica. https://www.britannica.com/topic/socialism

According to the socialist view, individuals do not live or work in isolation but live in cooperation with one another.

Ball, T. and Dagger, . Richard (2022, April 11). socialism. Encyclopedia Britannica. https://www.britannica.com/topic/socialism

Disadvantages of socialism include slow economic growth, less entrepreneurial opportunity and competition, and a potential lack of motivation by individuals due to lesser rewards.

OER Editors (u.d.) The Disadvantages of Socialism, OER services https://courses.lumenlearning.com/suny-internationalbusiness/chapter/reading-the-disadvantages-of-socialism/#:~:text=KEY%20Points,individuals%20due%20to%20lesser%20rewards

Capitalism pushes inequality, by justifying the greater benefit of economically strong individuals, and pushing non-beneficious groups of people down by widening the socioeconomic gap.

Capitalism proposes a highly conservational view, where people with a great economic benefit and growth may keep that power and continue growing without limit, in someway indirectly oppressing economically 'lesser' people by exploitation.

Economic inequality was justified on the grounds that the wealthy were more virtuous than the poor.

Heilbroner, R. L. and Boettke, . Peter J. (2022, April 7). capitalism. Encyclopedia Britannica. https://www.britannica.com/topic/capitalism

Equity is not emphasized in capitalism. Capitalism doesn't distribute its wealth in a considerably 'fair' way, which is evidently seen in the early 21st century in the United States, where the lowest fifth of all households had a mere 3.1 percent of total income, whilst the topmost fifth received a total of 51.9 percent.

In the early 21st century in the United States, for example, the lowest quintile (fifth) of all households received only 3.1 percent of total income, whereas the topmost fifth received 51.9 percent.

Heilbroner, R. L. and Boettke, . Peter J. (2022, April 7). capitalism. Encyclopedia Britannica. https://www.britannica.com/topic/capitalism

However, the capitalist model also emphasizes on the freedom of individuals. The role model of this statement can be seen in the United States, where you are given the opportunity to advance and develop as an individual in the career you are intending to follow. What is to be hoped of in this case is for everyone to work towards that success and development, so, when an individual finds himself in a bad economic situation, a common thought amongst capitalists is that that same individual didn't take the opportunity to advance, and henceforth condemned himself to a life of poverty.

Economic inequality was justified on the grounds that the wealthy were more virtuous than the poor.

Heilbroner, R. L. and Boettke, . Peter J. (2022, April 7). capitalism. Encyclopedia Britannica. https://www.britannica.com/topic/capitalism

Socialism presents an effective approach towards social and economic inequity, though it sacrifices individuality and independent freedom for a private industry or business (as an example), presenting a somewhat extreme form of lifestyle almost completely controlled by the government in a socioeconomic point of view.

Capitalism gives the individual more independence, providing an opportunity to develop in an autonomous way, with freedom to establish a private property of any kind. However, it disregards inequality by faulting the individual; when he or she accepted the capitalist independence and freedom provided, he also condemned himself to the possibility of descending into poverty (this is the more conservational point of view).

In conclusion, socialism was able to provide a solution to social inequity that could be applied and developed in the best way, though it sacrifices the partial freedom of the individual to develop in an independent way (which is a factor that also affects economic development as a whole).