Let's start by introducing capitalism; Capitalism supports the idea of ​​private property, it believes that society can do better when an individual is able to purchase and produce as they choose. On the other hand, socialism is the theory that property should be controlled by the government and that the government can do more with assets than individuals can. For me, I don't think society should function in pure socialism or pure capitalism, I believe a proper society works best using bits and pieces of both forms of government. To help you better understand my position between capitalism and socialism, it would be very helpful to have some knowledge of the differences, advantages and disadvantages of both systems. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay The difference between capitalism and socialism is much greater than you would expect. Capitalism is a system that allows every person to have the right to own their own wealth. Capitalism says you can invest your money in someone else's business; this system in a condensed statement is about individual freedom and rights, everyone can do what they want. On the other hand, socialism is a system in which the government owns everything and the individual owns nothing. You can't have your own money and you don't get paid to work. Your home is government property. In this system the government gets all the wealth produced by all the people in its country, and with all the money input provides a smaller output to give the people homes and food. This system provides no incentive to do your best or be creative, but simply to live. To summarize socialism in one short sentence, this system is classified as individuals locked in a cell. The benefits within these two classes are quite simple and easy to understand. Capitalism has the advantage of providing greater incentives for individual work and further achievement. Socialism works to compensate for these shortcomings by redistributing some of the excess wealth created by the top to the lower classes. This can work to increase the demand for goods and labor. This is a great way to help correct unbalanced lifestyles, as well as help maintain the basic well-being of the lower classes. Ideally, ensure they are able to overcome any difficulties and continue to put jobs and wealth back into the economy. Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay Between both of these two ways of life, there are some disadvantages. The downside of capitalism is that those at the top will always be rich beyond what might actually be fair. They can sometimes exclude those at the bottom from participating in large-scale economies, in times when technological capabilities and reduced demand for goods lead to a surplus of labor. Now, within socialism there are a couple of disadvantages. The first is the concern that by ensuring the survival of the lower classes under all circumstances, we may remove any motivation to contribute their labor. Second, there is a concern that the ruling bodies creating these redistribution programs will tend to allocate wealth in such a way that it simply flows to them, rather than to the upper class from which it was originally taken, or to the lower classes from which it was taken. it should help. The underlying problem with any economic system is simply that of human nature.