Capitalism is a social system based of individual rights. Its a system of laissez-faire which it freedom. Socialism is a social and economic system. It is owned by the government and not the citizens and the people. In this essay, I will be comparing and contrasting them for you.
Here, in this paragraph, I will tell you about Socialism. Socialists believe that economic inequality is bad for society. In socialism, they believe that everybody should have the same rights. Their religion is free, they can believe in what they want. Their economic system is owned by public enterprises. It is based on the individual contribution. Most socialists have democracy and some advocate parliamentary democracy.
In Capitalism, they have freedom as well. Their economic system is market based combined with private and corporate. Their goods and services that they all contribute to making goes back to the system to help with the future growth. In their philosophy, its owned and operated for the purpose of generating profits for private owners.
The modern world economy operates mostly on principles of capitalism. The United Kingdom is capitalist, and so is the United States, and Hong Kong. Singapore is another example of capitalism. The Union of Soviet Socialist Republics (USSR) is an example of centrally-planned socialism.
In capitalism, all citizens make decisions for themselves. In socialism, all choices, including education, religion, jobs, and even marriage is funded by the government and their taxes. All citizens in socialism have free and equal access. That was me comparing and contrasting capitalism vs. socialism. I think that they are both similar but I would have to live in Capitalism.
Bibliography: Wikipedia.org
Pettinger, Tejvan http://www.economicshelp.org/blog/glossary/capitalism-v-Socialism/ ©2001 2006
