Socialism And The Economic System - 1373 Words

Socialism serves to satisfy many philosophical questions therefore making it an ideal position in the economic justice debate. In looking into this position we find satisfaction in the answers it affords us. Socialism fulfills the innate responsibility of the government to care for its people. Moreover, aside from fulfilling this responsibility, socialism is the economic system that delivers the highest benefit as applied to the whole. The importance of these answers is that the primary question is how to find economic justice. In socialism, we have our answer. Socialism is centered on the principle of central ownership. Central ownership in this position is essential in order to fulfill moral and economic dilemma. The moral dilemma is†¦show more content†¦As mentioned above, there must be an impartial governing body charged with orchestrating socialist policy equitably and without bias. The final and most important characteristic of Socialism is that it provides more social welfare than any other system. Similar to the Utilitarian philosophy socialism attempts to provide the same high quality of life for all citizens falling within the system. â€Å"The word socialism having been derived from the same root as society, in my opinion, stands for this task of society to maximize the welfare of its members. (Jan Tinbergen while delivering the Jawaharlal Nehru memorial lecture in New Delhi in 1970) As in any debate, there are many alternatives to Socialism in the debate on economic justice. The first and most strongly contrasting alternative is that of pure capitalism. Pure capitalism takes an opposing stance to the central ownership facet of socialism in that property and economic production are both privatized. Also referred to as free capitalism it takes a more laissez faire approach to regulation and where socialism requires a strong governing body, pure capitalism does not. Pure capitalists would assert that human nature permits privatization of the economy to be the most beneficial approach. That is, that human nature and the incentive of excelling will serve as a catalyst for genuine ingenuity under this system. A pure capitalist would furthermore assert