Socialism and Capitalism in Relation with the Philippine Society
Socialism is an idea that everyone are expect to work together for a common good and placing a higher value on meeting everyone's basic needs than on individual profit. While capitalism is an economic system where private entities own the factors of production. It emphasizes profit maximization and competition as the main drivers of efficiency. Among this two economic systems socialism and capitalism, capitalism would better work in our country. The Philippine society has not been fully developed yet, but if capitalism could dominate in our country a lot foreign investors would greatly invest in the Philippines new buildings and infrastructure will be created and in return for that it can creates millions of job openings, effectively employing the poorest of the poor. This kind of economic system can increase tax revenues that can be used for national development and then our country will develop.