SOCIALISM AND CAPITALISM IN RELATION WITH THE PHILIPPINE SOCIETY WHICH OF THESE ECONOMIC SYSTEMS WOULD WORK IN OUR COUNTRY?

 

  For over 19 years of existing, I can say that our economy is not balance or I should say I we are in the middle of improving. As what I have observed to our society in our country Philippines, we are one of those developing country and still progressing for the good of our people, and country. Yes, we are now part of globalization as well as in global corporation, however we can't deny the fact the we are still lack of equipment, technologies, and devices compared to the other countries. As of the moment we keep communicate and connect with other countries especially those who are in the core for us to be known and develop. 

 Now, as time flies fast and the world of globalization keep changing. Our country's economy also need to improve and to cope with other nations. We know that as the Industrial Revolution began, new economic tools such as steam engines, manufacturing, and mass production appeared as the industry grew. Factories arose, and job functions shifted. Instead of working from home as they had done previously, they began working as wage workers, eventually becoming more adept and mastering their talents in their chosen sector. Because of mass manufacturing, productivity increased, living standards improved, and people had access to a wider range of goods. Under this revolution, there are two competing economic models during the industrial revolution. These are the Capitalism and Socialism.

  I know there are some of us still question about what will be the best economic models that will suit to our current economic situation, socialism or capitalism? Which of these will work in our country? Or does having one of these economic models gives contribution to our recent economy? You may asked. 

 Now, this blog will discuss and share information about the Philippines' recent economy and analyzed the best economic models which are Socialism and Capitalism base in our recent society that would work in our country.  

 But before I'll discuss which of these two types of economic systems would work in our country, let's first define the definition of socialism and capitalism in order to have ideas and understand more this blog. 

 Economic and political systems are described by the phrases capitalism and socialism. Both of these phrases refer to certain schools of economic thought on a theoretical level. The scope of government interference inside an economy is one of the most fundamental contrasts between capitalism and socialism.

 Capitalism 

- It is a system in which all natural resources and production means are held by private individuals. Profit maximization and competitiveness are emphasized as the primary drivers of efficiency. Naturally, if you are competing, you would devise plans and techniques to improve your efficiency. This means that in order to flourish as a business owner, you must surpass your competition. It is advisable that he is motivated to be more efficient by enhancing the product's quality and lowering its cost.

 Socialism 

- The means of production are owned by the entire community. It opposes capitalism's private property and laissez-faire attitude. Property is owned by the government and distributed to all citizens, not only those with the financial means to purchase it. It places a larger importance on providing everyone's basic needs than on individual profit, emphasizing community aims and expects everyone to contribute for the common good.

 As we observed, these two types of competing economic models which are the Capitalism and Socialism has really do a big difference between each other. 

• In capitalism, private individuals own the means of production, but in socialism, the public owns the means of production, such as money and other types of capital.

• In capitalism, businesses exist just to make money; they live by the profit motive, but in socialism, everyone works for wealth, which is dispersed to all

 For better understanding, to have the creation of wealth, the capitalist economic model relies on free market circumstances. The production of goods and services is determined by the general market's supply and demand. A market economy is the name given to this economic framework.

 While, the government regulates the production of products and services in a socialist economic paradigm, either partially or completely. This is known as central planning, and the resulting economic structure is called a planned economy or a command economy.

 Now, that we already have insight about the definition of socialism and capitalism . Let's now discuss and analyzed which of these two types of economic models that will worked in our country. 

 As a citizen in our country, I can say that the best economic models that will worked in our country will be capitalism. Why? You may asked. Yes, it was clearly indicate that in socialism the poor and middle class will receive priority in policy and budget, whereas capitalism means that the capitalists, the drivers of business, industry, and the economy, will receive priority in policy and budget. We should remember and put in our mind the our economy is still progressing, and we are one of those nations still developing. 

 Being practical is essential for our future generations and to our country. Some of us might argue regarding of this, but we can't cover up the truth that pure socialism will lead to the bankruptcy of the government as it subsidizes social welfare and services. Observing to our recent society, capitalism has the highest level of effectiveness that will work in our country. 

 Practicing Capitalism in the Philippines is sustainable because the wealth is returned to the wealth creators or the wealthy one. This is one of the reason why capitalism is advisable to apply and practice as an economic models in the Philippines. The private sector, not the government, takes the initiative in capitalism, the government picks up the slack. However, on the other hand the government takes the initiative in socialism, but it must be able to afford it through operating tax-generating industries. One of the example of nation that practicing Socialism is China. China's government is socialist. China's government has monopolies in industries such as rare metals, staples, strategic materials, and others, from which it derives funding for social welfare. 

 Thus, between the two types of economic systems, I think the most effective to work in our country is the Capitalism. Capitalism has various advantages and provides individuals with countless opportunities in society. Producing money and innovation, improving people's lives, and giving people power are just a few of the advantages that we might acquire if each and everyone of us understand and see the bright side of capitalism. Capitalism is not just about the company's gaining more profit compare to the workers but it is all about to balance our economy. 

 I know that some of us are confused about the Socialism and Capitalism on which of these will work to our country , however through this blog you will understand and gain knowledge regarding the bright and dark side of these two economic models . Now, that you already know the purpose as well as the advantages/disadvantages of these two, it will help you to have a better understanding regarding to our current situation . Hoping that this blog gives you more insight and information about Socialism and Capitalism . Thank you for reading.