3 pages: 1 page on capitalism, 1 page on socialism and 1 page to describe which you prefer and why. The intent is to promote some critical thinking into each economic philosophy.

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Capitalism is a philosophy that focuses on the private ownership of both the production and distribution of resources. Capitalists gain profits by investing capital or employment of labor. The concept of capitalism is grounded on the idea of a free market in which the self -interest of an individual is pursued. The free market forces…