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Introduction
During the modern history, there existed two main economic systems, namely: communism and capitalism. Their ideologies are intrinsically divergent and often unreceptive to each other. All over the hostilities defame and institutional propaganda has become extensive known creating worry and hatred between communist and capitalist.
Capitalism is defined as the economic system based on free trade where private sectors are allowed to do businesses with another individual or group of private citizens. In this system, the means of product and service production is mainly carried out and owned by the individuals instead of the government while communism also known as fascism is contrary to this where production and distribution of products is carried out by the state as non-profit organization.
Communism
The book “The Time Machine” is mainly a social appraisal of H.G. Wells who was a Victorian England predicted into a far future. The largest part of his life he remained a socialist with communist background and he argued in most of his books that capitalism was a major challenge to the post-modern future.
Fast development in technology, social life, education and other capitals had commenced the industrial Revolution in during 17th and 18th century. Additionally, he argued that by the late 19th century of “The Time Traveler” the UK was most powerful with the economy whereas industrialists were enjoying their absolute wealth.
The capitalists during this era overworked men, women and even young children who were forced to work overtime with penny wages in dirty, smoke-filled industries. After observing all this as it took place, Wells decided to incorporate various scientific, natural and social ideologies in his arguments against capitalism and he majored on the citizens who were selective, discriminatory for their personal gain as they continued to exploit the poor and vulnerable members of the society (Wells 47 ).
Revolution of Social Darwinism
First of all, Wells characterized capitalism as a revolution of social Darwinism. In this theory “Origin of Species”, the author Charles Darwin argued that nature allowed the reproduction of species that their characters fitted for best survival.
Therefore, social Darwinism was formulated by the British Philosopher Herbert Spencer whom regularly misrepresented this idea of natural fitness to validate 19th century social stratification among wealthy and unfortunate people. Wells contradicted with this philosopher where he argued that it did not imply that surviving species on an environment and the best but simply fit for their precise environment (Wells 83).
It is therefore concluded that evolution does not guide into perfectibility but to the maximum adaptability of a species. Communism was therefore aggravated mainly by the pessimistic impact of the industrial revolution on poor industrial employees. It was aimed at creating a social class of public common ownership where they believed that the society in general was more important than personal rights liberty and individual’s freedom.
On the other hand, as the communist fought hard against the capitalist, there were negative impacts that were associated with it where most dictators erupted as the results of communism for they were overall decision makers. For communism to work out, it relies on human nature where they need to be completely humane and ready to work for gaining of their neighbors (Wells 94).
Capitalism
Capitalism has the major economic system which takes control of the world economy and it has proved to be perfect enough comparing to the other economies such as socialism. It is characterized by its mode of production where prime resources such as capital and land are owned by the individuals.
Trade activities are fully controlled by the interaction between customers and sellers in the market and the owners here is free to make maximum profit from their resources. The main objective of a capitalist state is to secure concurrent high employment and stable prices (Wells 58).
During late 19th century, wars uprising and economic despair has acted against capitalism. The great depression period has acted as the most challenging moment within the capitalism history where shares in the stock market depreciated at an alarming rate. Capitalism on its sides is referred to as the best economic friend for it freely allows for global competitive market and capitalist contributes a lot to the economy of a nation.
There are two types of capitalism which are commonly known, of which one of them is the proprietary capitalism. During this period of capitalism, there were only some corporations and no one could relate them to the modern society. The other form of capitalism is progressive capitalist economy.
In this type of capitalism, business outputs are present as inputs of the future. Even though capitalism has gone through transitional changes all over the years, capitalistic economy structure has remained to be most influential economy as well as the political structure in the world.
Conclusion
Finally, communism and capitalism has acted towards the economic development but several challenges have affected both economies. The communism has greatly affected it people where personal growth has been affected by national ideology of togetherness dragging back both economic and infrastructure development. On the other hand, capitalism has lead to emergence of life standards where it exists rich and the poor resulting to the exploitation of the vulnerable members of the society.
Work Cited
Wells, H. George.The Time Machine. Penguin Classics, 2007. Print.
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