Capitalism and socialism are ideological perspectives that have been employed by countries to regulate economic resources. Under capitalism, private individuals own means of production and the market is free, while under socialism the government controls production and distribution. This essay explores how capitalism and socialism approach advertisement. Capitalism uses advertisement to influence consumer attitudes and lifestyle choices in order to accumulate wealth for private interests. Socialism argues that advertisement should aim to satisfy needs rather than manipulate consumers for profit or self-gratification. The role of advertisement is debated between those who see it as a tool for private gain under capitalism versus those who believe it should promote social cooperation under socialism.
Week 1 Discussion 1 Classmate Response
Guided Response: Respond to at least two of your fellow students’ and to your instructor’s posts in a substantive manner and provide information or concepts that they may not have considered. Each response should have a minimum of 100 words and be respectful of others’ opinions and beliefs that differ from your own. Support your position by using information from the week’s readings. You are encouraged to post your required replies earlier in the week to promote more meaningful and interactive discourse in this discussion forum.
Below there are two of my classmate’s discussion that needs I need to response to their names are Jocelyn Harnett and Audris Hung
Jocelyn Harnett
Both capitalism and socialism are social, political, and economic philosophies. There are pros and cons of each approach and many countries have implemented a mixed level of each philosophy.
The economic system of capitalism creates a society in which private entities own all factors of production including the individual that own their labor. This type of system promotes competition and uses competition as a driving force of innovation. Competition occurs between owners of supply and this helps improve efficiencies as well as keep prices moderate. The incentive of capitalism is to maximize profit. In a capitalistic society goods and services are distributed based on supply and demand and the government intervenes only to maintain fairness and protect the free market. Advantages of capitalism include production of the best products at the best prices, and innovation. Disadvantages of capitalism include a lack of resources for the people in society who do not contribute such as the elderly, disables, and children, and also the philosophy fails to promote equality of opportunity. Hong Kong is an example of a capitalistic country based on several factors including "lack of corruption, low debt levels, and protection of property rights" (Amadeo, 2020, pp13).
Socialism is composed of social ownership of the means of production, distribution, and exchange, and also includes the political theories associated with these systems. This means everything is owned and regulated by the community as a whole and the intention is to create equality for everyone. "Socialists assume that the basic nature of people is cooperative. They believe that this basic nature hasn't yet emerged in full because capitalism has forced people to be competitive" (Amadeo, 2020, pp2). Socialism promotes a society in which everyone receives a share based on how much they have contributed and values the collective well-being of the entire population over individuals. Advantages associated with socialism include basic needs provided for the entire society, eliminates poverty, and natural resources are preserved. Disadvantages of socialism include the fact that the philosophy is based on human cooperation and ignores competition which means there is no reward for being ent ...
Week 1 Discussion 1 Classmate Response
Guided Response: Respond to at least two of your fellow students’ and to your instructor’s posts in a substantive manner and provide information or concepts that they may not have considered. Each response should have a minimum of 100 words and be respectful of others’ opinions and beliefs that differ from your own. Support your position by using information from the week’s readings. You are encouraged to post your required replies earlier in the week to promote more meaningful and interactive discourse in this discussion forum.
Below there are two of my classmate’s discussion that needs I need to response to their names are Jocelyn Harnett and Audris Hung
Jocelyn Harnett
Both capitalism and socialism are social, political, and economic philosophies. There are pros and cons of each approach and many countries have implemented a mixed level of each philosophy.
The economic system of capitalism creates a society in which private entities own all factors of production including the individual that own their labor. This type of system promotes competition and uses competition as a driving force of innovation. Competition occurs between owners of supply and this helps improve efficiencies as well as keep prices moderate. The incentive of capitalism is to maximize profit. In a capitalistic society goods and services are distributed based on supply and demand and the government intervenes only to maintain fairness and protect the free market. Advantages of capitalism include production of the best products at the best prices, and innovation. Disadvantages of capitalism include a lack of resources for the people in society who do not contribute such as the elderly, disables, and children, and also the philosophy fails to promote equality of opportunity. Hong Kong is an example of a capitalistic country based on several factors including "lack of corruption, low debt levels, and protection of property rights" (Amadeo, 2020, pp13).
Socialism is composed of social ownership of the means of production, distribution, and exchange, and also includes the political theories associated with these systems. This means everything is owned and regulated by the community as a whole and the intention is to create equality for everyone. "Socialists assume that the basic nature of people is cooperative. They believe that this basic nature hasn't yet emerged in full because capitalism has forced people to be competitive" (Amadeo, 2020, pp2). Socialism promotes a society in which everyone receives a share based on how much they have contributed and values the collective well-being of the entire population over individuals. Advantages associated with socialism include basic needs provided for the entire society, eliminates poverty, and natural resources are preserved. Disadvantages of socialism include the fact that the philosophy is based on human cooperation and ignores competition which means there is no reward for being ent ...
An introductory document for economic systems viz. Socialism, Capitalism and mixed Economy.
It also talks about various schools of the same economic systems.
Document #1 History of the Economic Systems and TheoriesCDustiBuckner14
Document #1: History of the Economic Systems and Theories
Capitalism
Capitalism is an economic system that emphasizes private ownership of the factors of
production, freedom of choice, and individual incentives. These freedoms and
incentives apply to workers, investors, consumers, and business owners. In pure
capitalism, the government does not interfere with the economy—the wages of workers,
the prices of goods, what producers can make, the ways that businesses make or sell
their goods and services, or any other regulations. Capitalism assumes that the best
way to serve society is to let people produce, sell, and buy as they wish.
The goal of capitalism is to create what is called a free market. In economic terms, a
market is not literally just a market like a grocery store. A market or marketplace is
wherever all sorts of goods and services can be sold and bought. In a free market or
free enterprise economy like that under capitalism, the government places no limits on
the freedom of buyers and sellers to make their economic decisions.
Origins of Capitalism
The basic theories about capitalism and free trade come from Adam Smith. Smith was a
Scottish philosopher and economist who lived in the 1700s. In his famous book The
Wealth of Nations, Smith suggested the government take a laissez-faire approach to the
economy. Laissez-faire is a French term meaning “to let alone.” Smith thought the
forces of the marketplace would act as an “invisible hand” guiding economic choices for
the best possible results.
Competition plays a key role in a free-enterprise or free-market economy because
sellers compete for resources to produce goods and services at the most reasonable
price. If they are successful, they make more money. At the same time, consumers
compete over limited products to buy what they want and need. Finally, these same
consumers, now in their role as workers, compete to sell their skills and labor for the
best wages or salaries they can get.
Pure capitalism has five characteristics: private ownership and control of property and
economic resources, free enterprise, competition, freedom of choice, and the possibility
of profits.
Free Enterprise in the United States
A true and total capitalist system does not exist in reality. The United States, however, is
a leading example of a capitalist system in which the government plays a role. Our
society is deeply rooted in the value of individual initiative—that each person knows
what is best for himself or herself. We also respect the rights of all persons to own
private property. Finally, our society recognizes individual freedom, including the
freedom to make economic choices. However, because the U.S. government also
regulates many aspects of the economy, it does not have a purely capitalistic economy.
Mixed Economies
Economists describe the economies in the United States and many other nations as
mixed economies. Mixed economies combine elements of capitalism and socialism.
Mexico is ano ...
An introductory document for economic systems viz. Socialism, Capitalism and mixed Economy.
It also talks about various schools of the same economic systems.
Document #1 History of the Economic Systems and TheoriesCDustiBuckner14
Document #1: History of the Economic Systems and Theories
Capitalism
Capitalism is an economic system that emphasizes private ownership of the factors of
production, freedom of choice, and individual incentives. These freedoms and
incentives apply to workers, investors, consumers, and business owners. In pure
capitalism, the government does not interfere with the economy—the wages of workers,
the prices of goods, what producers can make, the ways that businesses make or sell
their goods and services, or any other regulations. Capitalism assumes that the best
way to serve society is to let people produce, sell, and buy as they wish.
The goal of capitalism is to create what is called a free market. In economic terms, a
market is not literally just a market like a grocery store. A market or marketplace is
wherever all sorts of goods and services can be sold and bought. In a free market or
free enterprise economy like that under capitalism, the government places no limits on
the freedom of buyers and sellers to make their economic decisions.
Origins of Capitalism
The basic theories about capitalism and free trade come from Adam Smith. Smith was a
Scottish philosopher and economist who lived in the 1700s. In his famous book The
Wealth of Nations, Smith suggested the government take a laissez-faire approach to the
economy. Laissez-faire is a French term meaning “to let alone.” Smith thought the
forces of the marketplace would act as an “invisible hand” guiding economic choices for
the best possible results.
Competition plays a key role in a free-enterprise or free-market economy because
sellers compete for resources to produce goods and services at the most reasonable
price. If they are successful, they make more money. At the same time, consumers
compete over limited products to buy what they want and need. Finally, these same
consumers, now in their role as workers, compete to sell their skills and labor for the
best wages or salaries they can get.
Pure capitalism has five characteristics: private ownership and control of property and
economic resources, free enterprise, competition, freedom of choice, and the possibility
of profits.
Free Enterprise in the United States
A true and total capitalist system does not exist in reality. The United States, however, is
a leading example of a capitalist system in which the government plays a role. Our
society is deeply rooted in the value of individual initiative—that each person knows
what is best for himself or herself. We also respect the rights of all persons to own
private property. Finally, our society recognizes individual freedom, including the
freedom to make economic choices. However, because the U.S. government also
regulates many aspects of the economy, it does not have a purely capitalistic economy.
Mixed Economies
Economists describe the economies in the United States and many other nations as
mixed economies. Mixed economies combine elements of capitalism and socialism.
Mexico is ano ...
The Impact of Artificial Intelligence on Modern Society.pdfssuser3e63fc
Just a game Assignment 3
1. What has made Louis Vuitton's business model successful in the Japanese luxury market?
2. What are the opportunities and challenges for Louis Vuitton in Japan?
3. What are the specifics of the Japanese fashion luxury market?
4. How did Louis Vuitton enter into the Japanese market originally? What were the other entry strategies it adopted later to strengthen its presence?
5. Will Louis Vuitton have any new challenges arise due to the global financial crisis? How does it overcome the new challenges?Assignment 3
1. What has made Louis Vuitton's business model successful in the Japanese luxury market?
2. What are the opportunities and challenges for Louis Vuitton in Japan?
3. What are the specifics of the Japanese fashion luxury market?
4. How did Louis Vuitton enter into the Japanese market originally? What were the other entry strategies it adopted later to strengthen its presence?
5. Will Louis Vuitton have any new challenges arise due to the global financial crisis? How does it overcome the new challenges?Assignment 3
1. What has made Louis Vuitton's business model successful in the Japanese luxury market?
2. What are the opportunities and challenges for Louis Vuitton in Japan?
3. What are the specifics of the Japanese fashion luxury market?
4. How did Louis Vuitton enter into the Japanese market originally? What were the other entry strategies it adopted later to strengthen its presence?
5. Will Louis Vuitton have any new challenges arise due to the global financial crisis? How does it overcome the new challenges?
New Explore Careers and College Majors 2024.pdfDr. Mary Askew
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2. 2
Running Head: CAPITALISM & SOCIALIM
Capitalism and Socialism
contacts:dorineadalyn@gmail.com
Capitalism and socialism are ideological perspectives that have been employed in
countries to regulate their means of production or manage their economic resources. Capitalism
is an economic system where means of production are own individually or privately. Capitalism
maintains that the success of the market depend on free market economy. In socialism, the
government determines all legal production and distribution process. The government makes all
decision rather than being free market and it determines the mount of output or supply as well as
the pricing level of these good. Contrary to the capitalist economy where the government plays a
minimal role of deciding the production process and is purely based on the law of demand and
supply, in socialism, all aspect of the economy which are controlled by the government are
planned and executed by the government itself (Thangavelu, 2019). It is called a centralized
planning and the advocates argue that shared ownership of resources allows for equal
distributing of goods and services and thus affair society. Advertisement is a way of promotion
in public media, services, production or events. It is aim to attract interest from the public. The
spirit of free market legitimize in capitalism ideology to use means of advertisement to
accumulate wealth. Since it is free economy, advertisement is meant to fulfill individual self-
fulfillment. This essay aims at exploring how socialism and capitalism contribute to the notion of
advertisement.
Capitalism is governed by an ethnic of self-fulfillment and achievement and has great
impact on institutions that manage affairs of economy by transforming to promote consumer as a
3. 3
Running Head: CAPITALISM & SOCIALIM
new identity. Advertisement goes beyond just selling product or services, the ad can inform,
amuse or warn. The main aims in advertisement is to influence peoples’ or consumers’ attitude
and lifestyle choices. The relationship between capitalism and advertisement is so close that it
can be conceptualized as capitalism realism. This is because despite not being controlled by the
government, it is given approval and legal statue in business and supported by the rest of the
society. Advertisement links the buyer to the seller based on the symbols used to promote it.
Eventually, the intention is to influence the whole society to buy from a particular product or
service thus corrupting our buying habits.
Advertisement is the central ideology of capitalism in modern economy. The capitalist
seller inform their buyers through adverts that their product were more worth than others in the
market, thus they tend to make buyers believe that they can certify all the needs of the
consumers. It is undeniable that consumers need product but advert goes beyond the premises of
selling a product to promoting a particular brand with aim of winning attitude and makes
consumer feel good when they identify with these particular good thus the advert become
capitalist technique. The power of advertisement makes the buyer feel that they can become
attractive with thee product however, these commodities promote falsehood. Eventually, they
archives the sellers’ intent. Capitalist advertiser knows that there is a psychological anxiety that
springs from the buyers when particular products are taken into the market. Capitalist have found
a way of exploiting the unconscious desires of consumers inners most feelings through coming
up with products that offers solution to buyers repressed desires. The products consumed by the
public is supposed to make buyers engaged in their irrational emotion, however, manipulation of
the consumers is necessary for capitalism to overcome the consumers’ desires (Harris, 2018).
The forces of individualistic as portrayed by the capitalist is coined in the idea of consumerism.
4. 4
Running Head: CAPITALISM & SOCIALIM
The products in the modern economy does not represents the usefulness of the product, instead,
it is used to represents an identity of a particular brand or unique by a turning into an emotional
need. This signifies that the novelty of advertisement is meant for consumption, it instead it is for
social manipulation by creating a false problem which can only be solved by purchasing that
particular product (Segger, 2015).
A socialist economy features public rather than private ownership of means of
production. Thus the article argue that the socialist economist is need satisfaction rather than
accumulation of wealth. As championed by the political discourse, socialism maintains that
capitalist undermines democracy and exploit the public, has unfairly distribution of resources
thus vitiates community stunning self-realization and development (Bulton, 2020). Thus,
socialism adverts works to provides means of transcending capitalist flows and replace capitalist
features with socialist alternatives. Socialist argues that extensive reliance of advertisement
should be compatible the values of the socialist. Base on the socialist ideology, the consumer is
not supposed to be forced through advert to buy their commodity, instead, the buyer should just
make a decision to buy an item whiteout being manipulated. Thus, the government take a central
position in solving the problem rather than a private individuals whose aims is to accumulate
wealth for themselves. This is because people have a shared responsibility to each other.
Advertisement in the eyes of the socialist, is a social is competition for market, they discourage it
and instead, encourage social cooperation. When producing products, the government should
thrive to make an egalitarian society and having commitment for social equality. The price
should be regulated by government. The cultural roles played by the advertisement in the process
of integrating flow of information among peoples lies in its relevance, however, to socialist, the
5. 5
Running Head: CAPITALISM & SOCIALIM
rise of advertisement should be aim at social good thus they discourage capitalist notion of
advertisement in regard to personal or private gaining of wealth.
The role of advertisement in the public sphere is worth attention in the contemporary
market. However, the subject can be viewed in the ideologies using the capitalist and socialism.
While capitalist maintains that since it is a free economy, there is freedom of advertisement for
personal accumulation of wealth, socialist argues that the government should be in charge of the
means of production and thus adverts should aim to promote satisfaction rather than self-
gratification or private ownership.
Annotated Bibliography
Segger, Rhianne. (2015). Advertising as a central Form of Ideology in Capitalist Society.
Linked.com. Retrieved from: https://www.linkedin.com/pulse/advertising-central-form-
ideology-capitalist-society-why-segger
According to the article, advertisement has become a central aspect in economy and is
projected as a capitalist technique of manipulating the masses for self-gratification. It is the idea
that capitalist through their advertisement can satisfy the public needs that masses are attracted to
these commodity. In the long run, the intention is not production of good to satisfy the needs of
the people, rather it is for gaining or changing the attitude of the masses for private advantage or
having a favorable competition. The article is a good source because it draws from wider sources
or literatures to support its arguments thus contributing to the research by laying the foundation
that support the intent of the research thesis. “The novelty of advertising is no longer about
watching someone consume a product, but rather it's about "social manipulation by creating a
false problem that could only be resolved by purchase"
6. 6
Running Head: CAPITALISM & SOCIALIM
Harris, Jerry. Chinas Road from Socialism to Global Capitalism. Third World Quarterly.
Article uses the situation of China and United States to explain how the contemporary
capitalism and Socialism ideology are displayed. The paper explains how the slogans and
manipulative languages are used by the elites or adverts for self-gratification or transformation.
The paper is a credible source, not only because it uses relevant sources to emphasize its
argument but also uses reverent examples in the contemporary economies to explain the notion
of capitalism and socialisms. “Just as they seem to be occupied with revolutionizing themselves
and things, creating something that did not exist before”
Bulton, Matt. (2020). Democratic Socialism and the Concept of Post Capitalism. The Political
Quarterly. P.5.
The article explains that democratic socialism is a system of economy that is planned and
places the social needs above profit. It is revenant to the research because it applies the socialism
and capitalist perspective in explaining the contemporary market structure. Thus add to the
literature of that research. Capitalism that focuses exclusively on the market and private
property. “Through advertisement, capitalist thrive to control what is produced and how is sold”
Thangavelu, Poonkulali. (2019). capitalist vs. Socialist Economies: What’s the Deference.
Invesstopdia.com. retrieved from: https; https://www.investopedia.com/articles/personal-
finance/082415/pros-and-cons-capitalist-vs-socialist-economies.asp
The source argues that the government plays a minimal role in deciding factors related to
means of production. While in socialist economy, important issues of economy are not decided
by the private or individuals, instead, it is decided by the government. The article is relevant in
the understanding how capitalist and socialist ideologies works thus creating a framework of
7. 7
Running Head: CAPITALISM & SOCIALIM
understanding how the issue of advertisement are applied by the pro-capitalist and pro-socialist
economist. “Capitalism and socialism are economic systems used by the state for development”