Responses - Socialism and Capitalism

Responses - Socialism and Capitalism

Introduction

The notions of Capitalism and socialism have been the two most debated aspects of economics. The central theme of this debate concerns economic equality and the role as well as rights of the ruling regime (Arnold, 2006). However, in order to review and answer the current case, it is imperative to understand the differences, disadvantages and advantages of both types of systems.

The basic difference in both types of systems is that capitalism supports private property and is centered around the idea that each individual and the overall society will fare better ...