In the face of crisis, Capitalism must take a backseat while Socialism reigns.

    In the face of crisis, Capitalism must take a backseat while Socialism reigns.

In recent years, disasters have become a common feature in our global reality. The elevated cases of emergencies have forced humanity to reinvent thier approach to both economics and redistribution of resources to mitigate such a situation. Usually, communism prevails in the global set-up, but when abnormal events occur such as the spread of the COVID-19 virus, socialism takes root and carries the world through dark times.  The cases that have proved that our world is changing for the worse include the wildfires witnessed in California, the burning of the Amazon forest and the mother of all them, the Australian wildfires. These incidences have led to the consummation of an unbelievable amount of acreage that signifies the dire need to address these issues on a global scale. The impacts of disasters such as these have left the world in turmoil, and if left unchecked, they could become an even deadlier threat to humanity.

In Australia, for example, fires ravaged the land for months despite efforts from several groups, both national and international. It is estimated that the effects of the Australian wildfires were three times as much as the impacts of both the California and Amazon wildfires, which shows that the situation really is getting worse. The Corona Virus is the latest pandemic which is spreading through the globe at an alarming rate as it threatens to shake the very foundations of our economic, social and cultural structures. However, the rise of these crises has also brought to the surface just how much socialism can be a remedy to such events. The principles of socialism are designed to facilitate the survival of humanity during crises, while socialism falls short.

Socialism and communism have been pit against each other for decades by scholars and professionals alike in an attempt to recognize the superior economic concept. Capitalism is based on the philosophy of production for profit, where the means of production are controlled by the private sector. The benefit accrued from the creation of various goods and services is distributed among the owners or shareholders. In a capitalist society, the government does not interfere with the economic structure of its country. Still, instead it leaves it to the free market to select the economic winners and losers (Commons, 1924). Government intervention in a capitalist economy is not entertained because it is thought to create inefficiencies in the market; thus, the free market is deemed as the only way to realize the best economic outcome for society. This is possible through the stiff competitive environment, enabled by the open market, to acquire more and more capital. Consequently, it defines the price structure that will determine the number of resources allocated, thus ensuring that the profits attained will be returned to the economy.

Socialism, on the other hand, is a social organisation system where the common ownership of property is promoted. It is founded on the philosophy that everyone should receive what they deserve according to their ability or work. It supports a system that looks down upon inequality. In a bid to curb this, socialist governments endeavour to provide programs that provide for the less fortunate in society such as social security for the aged, free public education and subsidized healthcare. Socialists are of the idea that the more significant and more capital intensive industries should be owned collectively so that the profits acquired can be reinvested towards the good of the society. They believe that everyone should have access to their basic needs regardless of their social standing. However, in Socialism class distinction is not entertained; instead, status is accorded to someone according to their reputation in politics.

In terms of production, it is the state which makes decisions on what, when, where and how goods and services will be produced. The demands of the market in this type of society do not drive the production decisions made by the government. The people are given power overproduction in that the government accords them worker control. This is through the use of cooperatives or public enterprises which ensure that each worker is compensated according to his or her work output (Poulantzas, 2000). Socialism is aimed at pushing for the equitable distribution of resources in a bid to look after the interests of both the worker and middle-class.

The concept of socialism is one that provides the most benefit for the people in terms of provision of basic needs and to guarantee the equal distribution of resources. However, in capitalism, those who have the ability to acquire resources get the most benefit from society; there is no equality. Thus it is not uncommon to see governments resorting to socialist programs and laws in order to curb the effects of major disasters. Crises cause a lot of distress in societies, and it is usually the least fortunate who is impacted the most. The recent pandemic of Coronavirus started in China, but it has now spread to other parts of the country at quite an alarming rate. It has left a path of health, social and economic turmoil in most parts of the world which granted it the designation of the pandemic by the World Bank. Despite the severity of the health implications that the virus has had on humanity, it has also led to the emergence of social trends such as border closures, distrust in government, social isolation, decentralized medicine and nationalism. These social trends developed suddenly since they were triggered by the need to contain the spread of the Corona Virus; thus, governments did not have ample time to prepare for these effects. However, some governments have quickly reacted to them are making efforts towards curbing the other implications, other than health, of this virus. Introduction of socialist programs and laws has dramatically helped to reduce the social and health impacts of this pandemic. The instructions from governments that all hospitals should start operating like publicly and to accept all patients is a socialist program that has helped thousands of coronavirus patients all over the world to receive treatment at the most convenient place for them. The cost of getting treatment for this pandemic would have been a high burden to some but socialism provided them with access to proper healthcare. This pandemic has made people realize that healthcare is a basic need that should be submitted to everyone regardless.

In the face of disaster, socialism has proved to be an effective means in maintaining humanity and ensuring that the globe will get through crises. When a socialist program is introduced to combat the implications of disasters, it also starts to an environment of social cohesion. In the midst of the coronavirus pandemic, for example, socialist programs have been created to give the sense that they need to live a cleaner life while also ensuring that they look after the needs of their neighbours. This has fostered an environment in which cohesiveness can prosper with socialist programs, such as the free testing and treatment of coronavirus, vastly reduces inequality.

A society that is riddled with crises should endeavour to ensure that the best interests of its people are looked after. This type of community should not be governed by decisions made based on profit but rather the available value judgements to preserve humanity and ensure survival. In light of the issues facing the governments are making socialist efforts to make life more manageable for everyone. Subsidises on certain products have been implemented is an excellent example of how socialism can mitigate the consequences of the pandemic. There have been cases of the price of basic needs being cut or waived completely, such as rent, hospital bills and food. The value that a particular product has to an individual in society triumphs over the need to profit off of this product.

Disasters, be it health crisis or the forces of nature, always have their impact on the economy of countries and more often than not it is during these times that it is on the verge of collapse. Therefore, governments must exercise the strictest guidelines towards managing the economy during trying periods such as the ongoing pandemic of COVID-19. Socialism provides an excellent framework to implement to ensure the safety of the economy. Socialism dictates that resources are put into producing the goods and services that will promote the betterment of the society and in the case of cases such as the coronavirus where products and services for treatment were a priority.

While capitalism rewards those who accrue profit in any way possible, even if it means hurting others to do so, socialism works towards attaining the common good of the people. In a socialist society as long as the general welfare of the community is met, then the means used to achieve this are justified. However, in a capitalist one, it is the amount of profit that one can make that will determine if the methods they used to attain this are justified. For the survival of humanity, the interests of society as a whole should be taken care of otherwise in times of turmoil, the capitalist philosophies of profit first could mean the collapse of civilisation. For example, environmental issues such as global warming have been directly linked to the action of profit-seeking corporations who decimate the environment for the sake of making a buck.

Socialism in following its mandate of looking after the welfare of society, it also creates provisions for the protection of the environment. Factors that can negatively impact the environment are a significant concern among socialists since the preservation of the earth is the most crucial aspect of human survival. Socialism has especially made provisions for the regulation of pollution from industries by proposing a set of measures that that must be adhered to. Although the proposals could be a capital intensive endeavour for enterprises to implement, socialists consider that the benefits of reducing emission far outweigh the costs. An industry that implements pollution reduction measures is bound to be able to sustain a more extended period of operation. At the same time, it provides a healthy working environment for employees. The philosophies of the common good that socialism promotes can be a great tool in the fight against pollution.

The fact that socialism does have its flaws cannot be overlooked. In an attempt to satisfy the basic needs of society in equal measure, the government could rack up quite a hefty sum. Massive government spending is a typical aspect of socialist economies as a result of the many provisions made to meet the society’s needs in equal measure (Schumpeter, 2013). Consequently, this also creates a heavy tax burden that is imposed on citizens to create a source for the funds needed to finance socialist projects. It has been cited that a blend of socialism and other forms of socials structures can be achieved to provide the most benefit to society. This requires an analysis of the economic systems and their implications while identifying aspects that will lead to the betterment of society. However, this can be argued that the flaws exhibited by a socialist are not close to matching the benefits that organisation gains from a socialist economy.

Governments should look into creating sustainable socialist programs to better society not just by mitigating the effects of crises but also to prevent them from occurring. Socialism, especially in recent times, has yielded an immense amount of benefit to societies that have been gravely impacted by disasters. By ensuring equality and the promotion of a classless society, it also makes sure that every person receives the right amount of support in times of global disasters. Socialism holds the fabric of society together by creating a unifying reason for people to rally towards ensuring that they achieve a better life for them and their neighbours.

Works cited

Commons, John Rogers. Legal foundations of capitalism. Vol. 31. Transaction Publishers, 1924.

Poulantzas, Nicos Ar. State, power, socialism. Vol. 29. Verso, 2000.

Schumpeter, Joseph A. Capitalism, socialism and democracy. Routledge, 2013.