In order to debate between Capitalism and Socialism, it is necessary to understand what the differences, advantages, and disadvantages are of both systems. Basically, Capitalism advocates private property, and that society does better when an individual can purchase and produce as they see fit. Socialism, in essence, is the theory that property ownership should reside in the hands of the government, and that the government can do more with the assets than individuals can. The …showed first 75 words of 1073 total…

…showed last 75 words of 1073 total…moderate No welfare system Characteristic Pure Socialism Modified Socialism Modified Capitalism Pure Capitalism Ownership of means of production All publicly owned Much publicly owned Most privately owned All privately owned LIMIT on accumulation of private property Severe Major limitation Small limitation No limitation Government REGULATION of economy Yes Yes Yes No Government MANAGEMENT of economy Yes Yes Yes No Government PLANNING of economy Yes No No No Size of welfare system Immense Q ------------------------------------------------------------------------ **Bibliography**