The Role of Capitalism Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. Socialism is a political and economic theory of social organization that advocates for the means of production, distribution, and exchange being owned or regulated by the community as a whole 1. In this assignment, you will write a 2—3 paragraph essay comparing capitalism and socialism: Briefly define, in your own words, the concepts of capitalism and socialism. Identify three pros and cons of each.
Please join StudyMode to read the full document. Capitalism and socialism are two different economic systems. Which one of these systems is better? In order to debate between Capitalism and Socialism , it is necessary to understand what the differences, advantages, and disadvantages are of both systems.
Capitalism and Socialism are both types of systems in different societies throughout the world that have been successful at times, but also not so fortunate in it's success at other times throughout history. When discussing Capitalism and Socialism we are asked if we desire a moral or immoral system, if we"d rather have our own freedom or a tyranny, and if we"d prefer prosperity or poverty!?! What would you choose? One distinct system of economic organizations that exists is Capitalism. Capitalism is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned.
Your first task is to articulate the economic system or combination of characteristics of both socialism and capitalism that such laws depict. There exists no real definitions regarding capitalism or socialism because both that can agree that the theories are very complex. Capitalism is mainly driven by personal gain and self-interest.