Complete 14 pages APA formatted article: The Solution to the Economic and Political Problems of Capitalism Is Socialism. Advancements in technology are the decisive facilitators of capitalism and only work after the discarding of other superseded factors i.e. obsolete factories, fiscal institutions and human skills (Gilpin, 2000). Generally, the system is very rewarding to flexible and competent but also castigates the redundant and less prolific. Some of the economic theorists and analysts refer to this as creative destruction (Rachman, 2012).
Creative destruction is the key determinant of the failures and victors, especially for short periods of economic alterations. Moreover, it is the greatest threat towards customary public ethics, culture and organizations. On the other hand, capitalism comes with periodical recessions and downfalls resulting in problems for people, corporations, and states. Capitalism, as a prevalent economic system, is a choice for many because of its distribution of wealth and rewards for the effectual and prolific but it also has a tendency of concentrating wealth, power and economic happenings (Feuchtwang, 2002). The states or groups that feel threatened by this tendency are usually stuck in a position with sufficient power to rebel against capitalism or disrupt this system. Resolutely, these are the main political and economic challenges of capitalism as indicated by their prevalence around the globe.
This paper focuses on advocating for socialism as the best solution for the economic and political challenges of capitalism. Socialism entails societal and economic aspects as the main attributes of effective production and compliant management of the economy. Moreover, socialism comprises a political theory and movement aiming at the establishment of a system that creates a substantial platform where both the weak and the strong matter through social ownership. Socialism’s main quality is social ownership that could act as a reference for entrepreneurial initiatives or even national, mutual and civilian ownerships.