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Compare and Contrast Capitalism and SocialismCapitalism and socialism are both types of systems in different societies throughout the world that have been successful at times but also not so fortunate in its success at other times in history Both have their good and bad points although the main focus I am presenting will acknowledge socialism in better terms than the capitalist economy This is to judge which system will be most prosperous for the most amount of time in the majority of peoples lifetimes Also opinions from socialists are given to how they examine a capitalist society and how capitalists examine a socialist society Criticism is given in each ones point of view along with defending arguments Also my personal opinion is the main conclusion to which economy is the most prosperous based on facts contributed in my own research on both capitalism and socialism The definition for capitalism would be a form of social system that separates the economy from the state Laissez faire is another name that was given by Scottish philosopher Adam Smith He said it is better for a government to have no intervention in the economy at all Capitalism is based upon private ownership of property and every person has the right to live his life in any manner he chooses as long as he does not violate the rights of others Individuals are allowed to run their own businesses in a free market in such way that he or she creates the wealth for him or her self It usually depends on how self-motivated a person is to determine how wealth they will become If a person is always working hard to make money they most likely will compared to a bum who can not get welfare in this type of system Capitalists believe that the only purpose of a government is to protect its citizens from force or fraud They claim that the force is
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