Can any economy survive without capitalism ?be it UK,USA Germany and Africa etc. To me capitalism is the best form of Economy . Does the developed nations started with capitalism or socialism
Surviving without capitalism may indeed be possible. However, in the end, I believe that capitalism will be preferred by most people. This is because, as individuals, we feel more free to build businesses and own property or similar assets. However, this does not mean that there are no flaws. In this case, government intervention is still important, which is why we still see socialism in some aspects, especially in social services.
However, in a capitalist system, we know that competition will always continue to increase. And in this case, we have seen the impact, namely that those who are able to compete are the ones who ultimately win. Some issues arise, such as the economic gap we see today between the rich and the poor. Nevertheless, I personally still see capitalism as superior. And although many countries started out as socialist, many have eventually blended the two systems and even leaned more toward capitalism.