The working class has the basic knowledge and principles they need to run the economy. Training is given where it is needed, and educational institutions have been refined so we have professionals in the fields where it is more important that the person has extensive knowledge in the subject. For example, doctors go to school for many years to learn all they can about the human body so that they will know what they are doing when it comes to the time they have to perform a surgery and make judgements on a real human being. For those who are working in a socialist economy the government has made laws all companies must follow that are also working class principles. All workers should be treated fairly and equally and this is what these laws were made to do, protect the working class. Minimum wage is set so all workers receive atleast this amount of pay, and then wages must go up according to their type of job. Also, good working conditions must be provided for safety reasons, no child labor, and no discrimination at the work place are a few laws that have been made. Capitalists and socialist disagree about certain ideas each group has and criticizes each other's ideas. First we will start with what capitalists think socialism is. They feel that man must sacrifice his own notions for the sake of the greater good in their economy. They feel that they must also sacrifice their individual mind, which denies them the sole means of survival for man and his nature as a rational being. Capitalists do not regard this system as an ideal. A capitalist' ideal accommodates one standard of life, man's life. The measure of a socialist system consists of the appraisal of, the relationships between men, and institutions that govern the forms of association. In defense to this, socialists say that the workers in a capitalist economy struggle against corporate greed. Working people should work together socially to produce all things together. Capitalists are different and take the wealth that they create to build more capital for himself. They feel as if there is a contradiction between social production and individual capitalist ownership. One capitalist deprives another capitalist of property and more wealth is concentrated towards a smaller and smaller number of people. In order to compete in this type of market things must be cut; jobs, wages, and benefits.
Although, capitalists say that contrary to this highly held belief it is not a system that exploits a large portion of society for the sake of a small number of wealth businessmen. They say that socialism causes the exploitation of labor. They do this by placing monopolies on labor and production and exist merely to follow what a «spokesman» of socialism has in mind. There are good points and bad points concerning both types of systems, although I feel that socialism has more good points than a capitalist economy, which makes it more successful. First of all I will start with all of the bad points I feel are in a capitalist society. Unregulated capitalism leads to worker exploitation because there is no government intervention to protect workers. Racism in the workplace takes place because there is not a minimum wage set and impedes poorer minorities from reaching economic advancement. They will not have enough money to pay for the high priced items the companies they work for produce. If a minority worker were able to do the same work for a lower wage then it would be in the economic self-interest of the employer to hire that person. The driving force under capitalism is driven by a profit motive because firms want to maximize their profits at all times. The protection against discrimination is not there, but it is provided by a socialist economy. A capitalist's argument against this would be that workers are free to choose who they work for and if they decide that they are going to work for someone who pays less than minimum wage, that is their own fault and should seek work elsewhere. Poor working conditions are also a problem that comes up. With an unregulated economy, immoral businessmen will try to increase their own profits by selling cheap, unhealthy, and unsafe products to an ignorant community. The workers who make the products have unsafe machinery, an unsanitary workplace, and no insurance so if they were to get hurt they would not be safeguarded. In a free market there are no government agencies that say what goods, foods, and services can be sold. Since 1938 the U.S food and drug administration has decided what medical goods and food can be sold in the United States.
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