capitalism vs soialism

For the longest time, capitalism and socialism have been two of the most argued and debated topics. Many view socialism as the better choice because it evens out and distributes the wealth so not only one individual or a group of individuals control it all, and because socialists tend to pay more heed and take more caution in the careless using up of natural resources. Capitalism can be seen as the better economic choice because capitalist countries are usually much more technologically advanced, and because individuals can make their own business decisions and choose their profession with out trouble or disapproval from the government. While both economies have potential for success, capitalism is by far the better option for many reasons. Capitalism is the best way to run an economy because it allows individuals to make their own business decisions and to be self-motivated, it limits the power held by the government, and, unlike socialist countries, capitalist countries are more technologically advanced and better educated.

In order to fully and successfully present the argument, there are several terms that must be defined. Capitalism is “the economic system under which the ownership of goods and services are privately owned, and decisions concerning pricing, investments, and distribution are determined in a free-market system, primarily on the basis of competition between businesses” (Walter). A free market economy is “a system that operates independently of the government” (Walter). Laissez-faire economics is defined as “French for "let do," this phrase describes the capitalist economic system wherein business success and failure is determined from the course of events as they naturally occur, without government intervention. Laissez-faire policies could include low taxes, little government intervention, free markets, and private ownership of the means of production” (Walter). Socialism is “the economic system under which the government owns and