The Role of Capitalism

Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. Socialism is a political and economic theory of social organization that advocates for the means of production, distribution, and exchange being owned or regulated by the community as a whole (1).

In this assignment, you will write a 2-3 paragraph essay comparing capitalism and socialism:

• Briefly define, in your own words, the concepts of capitalism and socialism.
• Identify three pros and cons of each.