Capitalism vs Socialism vs Communism | PowerBlogging
The free market is consistent with the biblical view of human nature in another way. It recognizes the weaknesses of human nature and the limitations of human knowledge. No one can possibly know enough to manage a complex economy. No one should ever be trusted with this power. However, in order for socialism to work, socialism requires a class of omniscient planners to forecast the future, to set prices and to control production. In the free market system, decisions are not made by an omniscient bureaucratic elite but made across the entire economic system by countless economic agents.
Socialism vs. Capitalism - Fundamental Finance
My approach to the subject rejects the prooftext method and proceeds via three main steps. First, a Christian should acquire a clear and complete picture of the Christian worldview. What basic views about God, humankind, morality, and society are taught or implied by Scripture? Second, he should put his best effort into discovering the truth about economic and political systems. He should try to clarify what capitalism and socialism really are (not what the propagandists say they are); he should try to discover how each system works or, as in the case of socialism, whether it can work. He should identify the strengths and weaknesses of each system. Third, he should compare his economic options to the standard of biblical morality, and ask which system is more consistent with the entire Christian worldview.
Socialism andCommunism kill the 'will' to work,competition, innovation and creativity. Why compete to work? You won't make any more money. Why spend timeinnovating new ideas, or being creative, there won't be anything in itfor me. As a result they fail to provide goods and servicesfor their citizens. The Soviet Eastern Communist countries ofthe 20th century were noted for not having much goods and services fortheir citizens. Yet, the ruling class always had plenty ofeverything, and it was usually imported from capitalist countries. While we have rich people in America, we also have a largemiddle class, that live comfortable lives. Even many if notmost poor people in America have refrigerators, TVs, and food on thetable.