Class conflict case study-Capitalism vs. Socialism/a comparison of the China vs.

United States experiences.

This week's case study is a look at class conflicts, specifically the discussion of which
type of social structure is the best; Capitalism or Socialism. Before we begin, for the
purposes of this case study, we must define three terms, class conflicts, Capitalism and
Socialism.

Again, for the purposes of this case study, we will use the following definition to define
class conflict;

1. Is conflict between different classes in a community resulting from different social

or economic positions and reflecting opposing interests.

2. Also call class war or class warfare, the struggle for political and economic
power carried on between capitalists and workers (dictionary.com)

Next, for the purposes of this study, we will use the following definition to define
Capitalism;

Capitalism is an economic system whereby the majority of investment in ownership and

the means of production, distribution and exchange of wealth in a region is made by
private individuals and/or corporations (dictionary.com). In a nutshell, private citizens
control business, make investments in an enterprise and incur the risk and responsibility
for that investment. If successful, these enterprises make the investors capital and
provide others with sources of income through their labor. All people are not equal,
depending upon their willingness to contribute to their own success.

Finally, for the purposes of this study, we will use the following definition to define
Socialism;

Socialism is a system of social organization that advocates the vesting of the

ownership and control of the means of production and distribution of capital, land and
wealth to the community as a whole (dictionary.com). In a nutshell, the government
controls all business, makes investments in an enterprise and incurs the risk and
responsibility for that investment. If successful, these enterprises makes the
government capital and it in turn provides the populace with its basic needs. All people,
regardless of contribution, are considered equal.

To help you understand the differences between Capitalism and Socialism, watch this
video;
https://www.youtube.com/watch?v=ZXDN057sc7I

The American Capitalism experience;

https://www.youtube.com/watch?v=7dAmroKyzGY

The Chinese Socialist experience;

https://www.youtube.com/watch?v=S_TrmNVZxN0

Instructor's notes: Regarding the clip on the Chinese experience, a couple side notes;

The video talks about the Chinese economy being the second largest in the
world (second only to the economy of the United States). Since this video was
made, the Chinese economy surpassed the economy of the United States
(2014).

The other note/observation is this. After watching the two clips on the United
States and the Chinese approach to economics, it would seem fair to say while
the United States is officially a Capitalist economy there are, especially in the last
25 years, many Socialist ideas intertwined within its economy. On the flipside, it
would also seem fair to say, after many years of economic failure, the Chinese
economy started to show much improvement after it allowed many Capitalist
ideas into its Socialist policies.