Essay about A Mixed Economic System Would Benefit the...

A Mixed Economic System Would Benefit the United Kingdom Two main economic systems have been developed since the Industrial Revolution, these are Capitalism and Socialism. Both systems have advantages and disadvantages, this essay will explain these, and also give my proposals for a mixed system for the whole society of the United Kingdom. Capitalism Capitalism generally started as an economic system in the United Kingdom at the time of the Industrial Revolution. The basic explanation of Capitalism would be to say that the economy is left to its own devices with no Government intervention. A Capitalist economy is a market economy where all economic decision making is decentralised, and the Government will only supply†¦show more content†¦Forced migration will also increase these problems in large cities and towns. The people who cannot make any money in the countryside will move to the towns and cities with the belief of finding work and making money. In reality they will just add to the ever growing population of the poor classes. In a Capitalist society the rich get richer and the poor stay poor. In the end this will lead to great unrest and low morale in the society. Socialism Socialism or Communism is the result of a planned economy. In this type of economy all the resources are owned by the state, and wealth is divided equally. The state will plan what is needed to be produced to cope with the societies demands, and how to distribute goods. Socialism emerged in response to the great inequality produced through Capitalism during the 1800s, and there were three main theories which people believed would solve the Capitalist societys problems, they were: Democratic Socialism - Socialism through peaceful reform. Revolutionary Socialism - Revolting against the existing system to achieve Socialism. This theory was put forward by Karl Marx who said that the proletariat will take control of the factories. This means the down trodden working class in the Capitalist society will revolt against their employers and for m a Communist state, where people will work for each other to provide equality. Anarchists - This theory involves rejecting Government authority and living in small groups or communes with noShow MoreRelatedWhy Capitalism Is Bad?788 Words   |  4 Pagesthe wealthiest individuals in a nation. The separation of wealth is not a misconception but I believe that blaming capitalism and wealthy individuals for societies economic woes are. I also do not believe that socialism is a bad thing either. I believe that both capitalism and socialism have a place amongst our society however I would lean towards capitalism because of an emphasis on utilizing resources to create more consumer goods where as socialism emphasizes evenly distributing resources. TheRead MoreShould The Uk Government Restore The 50 % Additional Rate Of Income Tax? 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