Capitalism for better, socialism for worseFailure or profitable government? There are various types of economies in the world, among the various types they can be narrowed down to the two most common ones which are capitalist and socialist economies. Capitalism is “a way of organizing an economy so that the things used to produce and transport products are owned by individuals and companies rather than by the government” (Merriam Webster). Socialism is “a way of organizing a society in which major industries are owned and controlled by the government rather than by individuals and corporations” (Merriam Webster). Every economic system has pros and cons. The type of organization, individual or public benefit and social wealth are factors that distinguish between the two types of economy. Capitalism can be a very beneficial form of economy. “Capitalism is triumphant throughout the world and raises many questions from people who believe in the superiority of capitalism over socialism” (Taber, George M. 1998). Capitalism is the type of organization where resources are privately owned, it involves increasing wealth and developing personal success. In a capitalist economy, everyone has the opportunity to get rich. Individuals have the ability to acquire wealth in various forms by owning private property such as land, assets, and businesses. Individuals who own private property bring a sense of responsibility and give people the ability to provide for themselves and build a better future. A capitalist economy encourages people to strive for success, entrepreneurs treat and pay their employees very well in order to attract good workers for promotion and greater success of their businesses. However, there are four... halves of the card. .....but under government control. Socialism does not promote competition because everything is owned by the government, so there is no room for producing better products and services, nor room for innovation and increasing wealth. Socialism and capitalism have more differences than similarities, and each difference has its advantages. the economy. While capitalism richer gets richer poor gets poorer, socialism distributes wealth equally to those who work and do not work to acquire wealth. Socialism is said to eliminate poverty in society, and capitalism is said to eliminate poverty among the few individuals who invest in private property. Capitalism promotes responsibility and the ability for individuals to create a better future, while socialism promotes corruption among government bureaucrats responsible for these industries.