Capitalism and Socialism

Capitalism and Socialism are very different. Their ideas are basically opposite each other and there is a huge gap between their beliefs. But despite this, they do have some similarities. In this paper, I will talk about Capitalism and Socialism, as well as Market economy and Command economy. These 2 also have many similarities and contrasts. Capitalism first appeared between the 16th and 19th centuries. It became the dominant economic system for the western world since the decline of Feudalism. And once the industrial revolution began, it spread from Europe through out much of the world, becoming the global means of industrialization. Socialism has a much different history. It has some of it's origin in the working class movement in the 19th century. Karl Marx started the Socialist Movement, so most could say that he started Socialism. Capitalism, by definition, is an economic system in which the means of production are mostly privately owned, and capital is invested in the production, distribution and other trade of goods and services, for profit in a competitive free market. This is a little wordy, but Capitalism is basically a system in which private individuals own the means of production, which includes labor, natural resources, and capital. America uses this system, and so do many other countries. Socialism by definition is a system in which property and the distribution of wealth are subject to social control. Socialism is a bit like Communism, but not quite. China uses this system. Socialism and Capitalism have many differences. As I said before, in Capitalism, private individuals own the means of production. In Socialism, society owns this. Capitalism has a competitive free market. Socialism does not. Both are present in our society today and both are ideas of an economy. There are not many similarities. Market economy and Command economy are just like Socialism and Capitalism in that they are opposite each other and they are both ideas. Market