Name: Domingo, Aprille Gail Mari P.
CIV191-WF group
We all know that greed is one of the seven deadly or capital sins. They are called such
because it leads one to commit other sin as well. Greed is an intense and selfish desire for
something, especially on wealth, power or food. The word Greed come form the Old English
graedig which means ‘always hungry for more’. We all have the potential for greedy tendencies,
but in people with a strong fear of lack or deprivation, Greed can become a dominant pattern.
But how can we tell that greed is good in a specific scenario that we are facing right now.
From the video clip that I had watch it talks about is greed good? . Wherein this talks about
between the Capitalism and Socialism where they are running a rival cake stalls and selling their
products according to the principles of each. First, as to what I have know is that Capitalism is
an economic and political system in which country’s trade and industry are controlled by
private owners for profit, rather than by the state. People and companies make most of the
decisions, and own most of the property.
Goods are usually made by companies and sold for profit. The means of production are
largely or entirely privately owned by individuals or companies and operated for profit. While
Socialism, refers to any system in which the production and distribution of goods and services is
a shared responsibility of a group of people. Socialism is based upon economic and political
theories that advocate for collectivism. In a state of socialism, there is no privately owned
property.
I have observed that the first stall is driven by key of capitalist principles and
overwhelming concern for profit where they prioritize the needs of the consumers, over those
workers, and clever marketing to stimulate desire. Which means that they focuses on what
those the consumer need even if this is expensive and how presentable the cake it was. While on
the second cake stall it was governed by key socialist principles because the profit will rest upon
exploitation wherein their only goal is they are prioritizing the needs of the workers over those
consumers where they are providing costumers with only basics goods. Also I have learned that
the argument between capitalism and socialism had a three key concepts namely profit,
competition and happiness.
Through the profit in capitalism, they used money for them to start a businesses or to lend
their money to others where they are expecting to make a return on it. But in socialist the
workers are net payed enough but they are forced work too hard. Many people do this so that if
they work hard enough they will get a reward or bonus because you have to work for the money
but we should know our limitations when it comes in money. While in capitalist the way on how
they make money is through the satisfaction of the costumers.
According to Adam Smith, “advocate of laissez-faire, free markets, the “invisible hand” and
the liberty of the individual; and the staunch enemy of state intervention in a world released
from the utopian delusions of communism.” where capitalist forces most of selfish people to
think about the needs of others that we can say greed is good. While free market is essential
because only competition creates an incentive to make people innovate and make their
products and services better. On the other hand socialist prefer the opposite of free market
called monopoly. This means that the seller faces no competition, as they are the sole seller of
goods with no close substitute. It enjoys the power of setting the price for his goods. Socialist
wants a simple economy based on needs and not the desires of the people.
Therefore, in the end of the video clip I conclude that both are good in their own ways
because they get some parts from each system because through socialism , capitalism should get
fair wages for all, limits to excessive competition, and limits to excessive consumerism. While
capitalism, socialism should get fairness for consumers not just workers, competition to
maximize innovation and lastly some excessive consumerism to provide surplus.
Anonymous,.Greed Is Good or Is It? Quote and Meaning retrieve from
https://www.thebalance.com/greed-is-good-or-is-it-quote-and-meaning-3306247
