Socialism & Capitalism in Europe in the 19th century Essay (Case Study 3)

Socialism and Capitalism are economic systems represented in the 19^th century. It influence the European society in different ways.

Socialism is a part of society forms that specifies people by working on their abilities and it is given out as an achievement. Karl Marx came up with Socialism at the end of the 19^th century. Socialism and ventral capitalism are connected in the 19^th century. It states the relation between the economies and the social structures during the 19^th century. Karl Marx and Frederick Engels combined ideas from the French Revolution, made a body of ideas which is called Marxism. Marxism is made up of history, political, economic and philosophical theory. Karl Marx also expressed the ownership of producing wealth by Marxism.

Capitalism is a part of society forms that specifies people by working on their abilities and it is given out as their needs. Social classes is also a part in capitalism. Social classes also represents different living condition, wealth and various conditions.

Workers can work very hard and do the work perfectly but they can never reach a high pay. This is the consequence of Capitalism. The bosses would earn more than they have even though the bosses do not work in the factory for long hours.

For Example , The boss pays the worker to do his job in the factory. The workers make the product and the products were sold to the store by the boss. The stores sell the products more expensive and it’s the profit that the store owner earned. The store owner then pays the factory’s boss the money he earned by selling the product. He keeps the profit he earned if he sells more products than he used to. The boss from the factory also collects the money from the store owner and takes some profit from selling the product to the store owner. In the end, the boss pays the worker some money (not a lot) as there are many workers in the factory. The worker who made and create the product can’t buy the product because it is too expensive.

Mercantilism is an economic theory that increases a nation’s wealth. European and global economies used mercantilism in the zero-sum games. During the mercantilism period, economic asserts are represented by goods like gold, silver and more. It helps to create a balance of trade with other states. The theory of mercantilism states that wealth and monetary asserts are the same.

In my book, I think that Socialism is better as people can have more"freedom" than if they choose Capitalism. People that are not very rich would have a chance to show their hard work and make decisions by themselves. But, it is one's choice to decide which type of economic system is better for them. :)