In order to understand these two modes of production and economic systems it is necessary to define what each of them refers to. Let's explain a little:
1. Capitalism:
"Capitalism is an order and social and economic system that derives from the usufruct of private property over capital as a production tool, which is mainly constituted by business relationships linked to investment activities and obtaining benefits, as well as relationships both self-employed and salaried workers subordinated to commercial purposes.
2. Socialism
"Socialism is a social and economic system characterized by control by society, organized with all its members, both the means of production and the different labor forces applied in them."
3. Differences between capitalism and socialism.
Once understood the concepts of capitalism and socialism we can begin to establish some fundamental differences of both concepts and, therefore, of both production systems.
Capitalism is based on the fact that ownership of the means of production is private; that is, it belongs to an individual or a group of individuals; they place them "capital" to establish a business organization that generates work for a group of workers through an exchange of labor for money.
Socialism is based on the fact that ownership of the means of production is of a social nature, therefore its owner is not an individual or group of individuals, but belongs to all those who work in the production of goods and services; therefore, in a mode of socialist production, the owners of the means of production are the same workers who develop productive labor; therefore, there is no private property; but social property.
4. Why do capitalism and socialism contradict each other in such a viceral way?
The answer lies in "the hegemony of power." Capitalism holds that the means of production must be managed by a group of shareholders, who will not work in production; rather, they administer and are responsible for the operation of said means of production; whereas the Socialism maintains that the owner of said means of production must be the workers or workers; displacing the exclusive owners; that is why both philosophies can not coexist; at least not in the same company.
5. Who is first?
In history capitalism arises from the exchange of goods and services between the owner and the user of said product; however, it is not until the birth of the company, in the industrial revolution where the greatest advance of capitalism is granted. Later, and due to the excesses of the capitalists on the working class, Socialism emerged as the foam, in response to the mistreatment of the working class by the capitalists.
As we can see, it is the capitalist system, which leads the exploitation of the working class; that is why the emergence of socialism is born in opposition to capitalism and, in that sense, has both detractors and followers.
For its part, socialism promises a more egalitarian society; If all men and women are equal, why should there be inequalities in the distribution of wealth? However, this principle is quite generalized, since we should ask ourselves if we are really the same in the strict sense of the word.
What happened with the socialists is that, because everyone is responsible for the means of production, none is directly responsible and therefore, as any benefit falls on all producers, the damage also falls on all producers; if a socialist worker does not work enough to pay his salary, he will receive the same thing as the one who gave himself responsibly to production is the only part that is a bit bad about it. This means that the proactive worker leaves his job seeking greater benefits for his work, while those who stay are those who produce little, but want to extract everything; in that sense, the harmony that must exist is dismantled so that production can compensate the expenses of said production.
What do you think about this? Do you consider that a capitalist society or a socialist society is preferable?
Frankly, I think both of the systems are dead-ends and we need something new. Socialism runs into the fact that government can't know all the local needs and can't distribute wealth as effectively as capitalism. Capitalism, on the other hand, runs into over-capitalism, where public corporations no longer care about safety or quality, just about extracting as much profit as possible whatever way is possible.