Economic and political system

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 an essay comparing capitalism and socialism.

Preparation

Note: You must watch this video on capitalism and socialismbefore you begin this assignment.

Instructions

Write a 2–3 paragraph essay in which you do the following:

Explain the concepts of capitalism and socialism.

Compare and contrast capitalism and socialism with supporting definitions, explanations, and examples.
Identify three pros and three cons for both capitalism and socialism.