Economic systems are neither good nor bad but manipulated for personal gain
Economic systems define how an economy is managed. They're used to help understand and track how money flows through an economy. An understanding of these systems can allow people to manipulate the market and economy to their benefit.
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The Argument
To understand why economics is so morally gray, take a look at the three well known economic structures, Socialism, Capitalism, and Communism. Socialism, in simple terms, is when a group or society controls the ownership, administration, production and distribution of goods.[1] It's supposed to be responsive to the needs and desires of the general public. Capitalism, on the other hand, is centered on private ownership rather than government ownership. Owners make use of workers to gain the most profit in a competitive market. Communism is when the distribution of property and resources is primarily controlled by the government. Goods are owned in common and are available to all as needed. [2]
All three of these systems, in a way, sound good, but when implemented they start to show their flaws. This is why most places have a mixed economy that uses a blend of these systems.[3] As they are though they have flaws that people take advantage of time and time again. America is one such example of capitalism being taken advantage of as big, private companies grow bigger and the poor grow poorer.
Economic systems are used to define who holds the power of the market and how money in the economy flows. However, they are just that, systems. What truly matters with the economy is how these systems are used because there will always be those who take advantage of the rules and reap the benefits.
Counter arguments
Economic systems are neither good nor bad, just unsuited for use the way they are currently structured. Their good points are overwhelmed due to the bad points being accentuated by others.
Most places use a mix of the systems so they can tailor the system for the maximum benefit for everyone involved. The problem most systems run into is greed.[4] Those who hold the power usually hold the benefits. Communism is usually seen to benefit governments, while capitalism benefits big business corporations.
Whether or not socialism is ethical is not the problem. It is whether or not a system can be implemented and used ethically. If a system can be protected from people taking advantage of it, there’s no reason any one system should not allow people to flourish. The most important part is that there are ways to prevent corruption. If there are those who widely profit at the cost of others then the laws of the system are what’s broken, not the system itself.
Proponents
Premises
[P1] It is those who control the system that define if it's good or bad