Former and current Socialist countries like China, Vietnam, Poland, Estonia, Slovakia and Albania all experienced strong economic growth (by GDP) within 20-30 years as they transitioned to a market economy (i.e., Capitalism).

3 major features (or pillars) of Capitalism include Private Property, Market Economy, and the Firm's Profit Motive - and other related features.

A. Explain at least 5 major features of Capitalism by contrasting them with the Socialist system. Complement your explanation with examples from one or some of the above mentioned countries.

B. Identify and explain at least 2 reasons why Income Inequality is an acceptable & necessary outcome of a Capitalist system. Some examples would be helpful.