WHAT IS THE BEST POLITICAL ECONOMIC SYSTEM?

WRITTEN BY NATHANIEL H - YEAR 7

A political-economic system is a set of rules that determine the way a country is run

There are different types of political economic systems, each with its strengths and weaknesses. The purpose of this essay is to explore the three main political economic systems which are, communism, capitalist democracy, and socialism Communism is a political-economic system in which the government owns and controls all companies, and everyone works together to produce goods and services. As the government owns all the companies, there is little competition which means there is little driving improvement In communism, everyone is equal which may seem good, but possibly isn’t as it is difficult for people to self-improve, because everyone has the same pay. Capitalist democracy is a system, in which most companies are privately owned. This allows competition between companies which leads to improvement - an example is Xbox and PlayStation, they keep improving their game consoles to ensure people will buy them. Most democracies have more freedom as to what you believe in and speak. And finally, there’s socialism which is similar to communism The citizens are only allowed to own small businesses and the government owns important businesses Socialism also allows freedom as to what you believe in Other political systems include dictatorship and populism An example of a dictator is Joseph Stalin, who was the General secretary of the communist party of the Soviet Union and Chairman of the Council of Ministers of the Soviet Union He brought the Soviet Union to its death between 1924 and 1953 Populism is when someone is liked for saying what ordinary people want to hear An example of a populist is Donald Trump or Boris Johnson Both these leaders focus on saying what people wanted to hear, and this caused many people to vote for them.

Communism is a political-economic system that allows mainly the government to control the country The citizens of the country are not allowed to be involved in democracy Communism also lets the government control all the companies as to what they sell and the price they sell it at As an example, North Korea is a communist country and it’s known for isolating the citizens from getting information about their government, and people dying from poverty Another example is the USSR which is an old communist country that collapsed because of the poor economy The USSR could have lasted a while, but because of the cold war, they had to spend money on weapons instead of essential equipment, such as farming equipment, causing them to collapse. The advantages of a communist country are that the government has control over everything allowing it to be more organized Also, there is no competition between companies as the government controls all the companies, so there is no controversy Another advantage is that everyone is equal because they all have the same pay It also makes health care, education, and employment available to all citizens. The disadvantages of communism are that the government controls the lives of the citizens by forcing them to have a job to receive benefits

Another disadvantage is that communism eliminates the free market A further disadvantage is that everybody being equal might seem good, although it’s not all the time as there is no room for personal improvement. Your wealth also belongs to the government if you follow the rules of communism In my opinion, a communist country is bad because you barely have any freedom, and all the companies don’t have competition, thereby stopping them from improving Also, when you get a job, you know you are getting paid the same amount as everybody else, and you can’t improve your pay by getting a better job, so you are stuck with the same rules and payment until you leave the country. When you look at the idea of communism it seems very good and will work quite well, but when it is used in real life it doesn’t work out because of corruption, poverty, and the need for humans to improve

Capitalist democracy is a politicaleconomic system where all trade and industries are privately owned and allowed to do what they want if they stay within the rules of the government The government doesn’t own any companies but places a set of rules that all companies must follow It is citizens that own them and are allowed to compete with others

As an example, the UK is a country with capitalism, all citizens are free to choose what they do if they follow the rules the government has set, also, the allowance of free speech makes the country a better place Citizens in a country with capitalism are allowed to vote in or out who they want, this shows that a free democracy is very important to allow the citizens to adjust the country to the way they like it The advantages of capitalism are that all citizens have the right to democracy and the right to choose their future Also, all citizens are free to choose their job and get better pay Capitalism allows companies to respond and compete within the marketplace, creating improvisation and improvement The disadvantages of capitalist democracy are that as citizens have control over who runs the country, then people who are not very smart might make rash decisions and vote for bad leaders such as Boris Johnson or Donald Trump

Another disadvantage is that your salary is chosen by your employer and many people have gone on strike for bad pay

From my point of view, I think that capitalism is good because freedom of speech and human rights are more important than anything, and allowing citizens to get different salaries and companies to control what they sell and the price they sell it at lets everybody and every company improve

Socialism is a political-economic system that allows all citizens to own small businesses such as your local bakery or a corner shop Whereas the government would own important businesses such as electrical, water, gas, and internet companies So, in a socialist country, the government owns most businesses while allowing room for the citizens to run small companies Socialism is similar to communism because in communism the government owns all the companies, whereas in socialism the government owns most of the companies and allows the citizens to own a few small businesses.

An example of a socialist country is China

China’s government has one party, a communist party China is most known for its architectural wonders such as the Great Wall and Forbidden City, its variety of delicious food, its martial arts, and its long history of invention The advantages of a socialist country are that the government controls the main companies meaning it would be well organized. Another advantage to socialism is that people have total freedom as to what they believe in, and there are equal classes Also, you can vary your salary with better jobs which means you can self-improve The disadvantages of a socialist country are that the citizens lose individual initiative and start depending on the government to organize their electricity water and gas taxes. Another disadvantage is that most of the companies would be small or local as the government owns the important businesses, which means there would be less competition between companies

From my point of view, I would say that socialism is a good economic political system I think this because having freedom and being a unique version of yourself is vital. Also being able to choose how you live your life is very important even though the citizens are mostly going to be at a standstill position if they own a company because small companies such as the local barber and the barber in the neighboring town wouldn’t compete as they don’t need to, unless, of course, they were on opposite sides of the road

In conclusion, the best political economic system depends on its economic growth, history, culture, and its environment. I believe capitalism is the best political economic system as allowing citizens to do what they want is most important and capitalism’s economic growth is much better than communism Although the others have many good strengths, their weaknesses overran the strengths as they were much more important, such as being an organized country is much more important than the country’s citizens having very little freedom and control over how it is run Also, capitalism allows lots of room for improvement in companies whereas in communism the companies’ items don’t change and it engraves laziness in the citizens as the government does everything for them Socialism is quite good but its merely a mix of capitalism and communism, all the important companies are controlled by the government meaning there is no improvement in them, and all the small businesses are privately owned and as they are just small businesses there is not much competition between them as they don’t need to