Capitalism vs Socialism

CAPITALISM V.S. SOCIALISM Since the Industrial Revolution, two main economic systems have developed; these are capitalism and socialism. Both of these systems have its advantages and disadvantages. Adam Smith, known as the father of capitalism, bases capitalism on three main points: wealth, competition, freedom of enterprise, and profit motive. A basic explanation of capitalism would be an economy in which the people are free to engage in any type of business; the government doesn’…

…the people at the top are the only ones who receive the benefits. If you aren’t in that small percentile, you can never make something of yourself. With socialism, although in theory it sounds promising, it will never work. This is due to human nature wanting to surpass others. A society can never be totally equal. Just like most economic systems, on paper they work, but when reality is mixed in, they fail quickly.