I concur with the students' response that the main objective of capitalism is the individual chase of the personal profit. People in capitalism forsake the collective's interests, and instead, their interests are the primary concern. I sense this is extremely misleading. Every entrepreneur is always justifying their interests leading to a disagreement among the people.
Corporate capitalism system has private ownership of the property. The primary motivation is the individual’s profit, and a single corporation dominates the markets leading to reduced competition (mini-lecture 8). Indeed, Laissez-faire is a common feature in this system. This means that there exist no or fewer government interventions for the common good. In welfare capitalism, property ownership can be either private or public. Both individual profit and the common good are the system's interests (mini-lecture 8). The government mediates to ensure that the common good remains safe. To minimize inequity, redistributive actions are taken.
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I view socialism as an opposite and better system than the other two economic systems. Its primary motivation is the common good, and there is public ownership of the property. The federal government controls the economy. There is unity among the people, and they work to achieve the common good. To finance the industries owned by the public, Western European states employ progressive taxation whereby those with high-income are taxed more while those with low-income are less taxed (mini-lecture 8). This strategy brings about balance to both less-income and high-income earners. The lecture points out that, socialist measures include all methods that share resources evenly among a community (mini-lecture 8). Everybody gets an equal portion where the properties are collectively owned. However, I opt to think that the system is minutely unfair to those who contribute more as everyone, including those who did not participate, gets an equal share.
