On the other hand, Socialism refers to an ideal form of society where each and every individual is considered to be equal in terms of status in society, class structure, and price of labor. During the Industrial Revolution around the 18th and early 19th centuries, Karl Marx (the founder of communism) analyzed the conflict which he strongly believed exists between the Bourgeoisie (Upper-Middle Class) and Proletariat (Lower Class). Marx was against capitalistic views because in his perspective, such a system of society only meant that the privileged groups would exploit the sub-ordinate groups and this would result in a massive class-inequality. Moreover, that the rich would keep getting richer and the poor would remain getting poorer. In society, mankind will have lost its appreciation for equality and human welfare. Taxation or any other methods will be of no use because it does not guarantee a Lower-Class citizen a better position in employment, education, or wealth. But, merely provides them enough wages so that they may hold themselves in place. Marx believed that in order to eliminate class-struggle and inequality would mean to eliminate capitalism as a whole and resort to the ways of socialism which would eventually, lead to communism.
In my perspective, both capitalism and socialism make valid arguments in terms of which system of government is best for society. However, to progress and excel, to have innovation and not be victims of slow change, to be provided with incentive to do hard-work without its value and effort being disregarded, would mean that a country like U.S.A most definitely has to fit into a capitalistic view. Otherwise, our country wouldn't be recognized as a developed country, let alone a super-power. Capitalism does in no means necessary completely annihilate and forget about the people who suffer or are absolute victims of poverty; there is a way around it through the taxation system and other methods of contributing to human welfare. The U.S.A heavily relies on capitalism and without such a system in our society, we as citizens would not be living in a country of liberation and individual rights today.