What do you know about Socialism and Capitalism?
Socialism is an economic and political system in which the government controls all means of production
Capitalism is an economic and political system in which property, business, and industry are owned by private individuals and not by the state.
Goal
Socialism: Economic and social equality through redistribution of wealth.
Capitalism: Create wealth through private ownership of property and businesses.
Terms associated with each
Socialism: Centralized government planning, command economy, wealth redistribution, price control, social equality, nationalizing of production, expansion of the welfare state.
Capitalism: Free market, free enterprise, supply and demand, laissez-faire, private property rights, competition, incentives.
Countries embracing each system
Socialism: Venezuela, North Korea, Cuba, Vietnam, (and previously, the USSR)
Capitalism: United States, Hong Kong, Germany, Japan, Singapore, New Zealand, Switzerland...
What do you think guys? Is it better to be a capitalist or a socialist?
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