Capitalism Vs. Socialism

            In order to debate between Capitalism and Socialism, it is necessary to understand what the differences, advantages, and disadvantages are of both systems. Basically, Capitalism advocates private property, and that society does better when an individual can purchase and produce as they see fit. Socialism, in essence, is the theory that property ownership should reside in the hands of the government, and that the government can do more with the assets than individuals can. Capitalism is a political and economic system in which factories, companies, land, etc. are owned privately in order to create profit for the owners. Prices of goods and services fluctuate depending on the desire of the consumer and the availability of the goods (the law of supply and demand). In a capitalist society, there will be significant differences in wealth and power between those who have capital (machines, factories, ships, land, etc.) and those who do no. Socialism is a political and economic system, which stands by governmental ownership and the administration of the means of production and distribution of goods. In a socialist society, there is no private property and, at least theoretically, everyone cares for those less fortunate. In this form of government everyone has generally the same amount of money, which means the rich person's money goes to the poor so that everyone can be middle class. Socialism upholds that the people must sacrifice their own convictions for the sake of the greater good of society. There are advantages under capitalism. The free-market operates in such a way so that as one man creates more wealth for himself, he simultaneously creates more wealth and opportunities for everyone else, which means that as the rich become richer, the even poor become richer. Capitalism serves the economic self-interests of everyone, including non-capitalists in the society. Accelerated economic growth, prosperity and rapid progress in science and technology are all benefits of Capitalism.