Capitalism Vs Socialism

While both capitalism and socialism are types of government that successfully created and now maintain thriving nations, they differ greatly. The three biggest differences would be the amount of involvement by the government, how they make their economies thrive, and how freedom of choice affects their lives.
In order for any group of people to function coherently there must be someone in charge in order to determine how they will operate their society. Capitalism and socialism both work as this governing function, which allows every day people to live most of their lives never having to worry about anything bigger than themselves. Just as structure is important in an essay it is even more important in society, which both capitalism and socialism
This allows the fishermen to gain profit for their hard work, but if they are lazy they will not make a large profit. Which in turn makes them live below the means of a good fisherman. According to the article “Capitalism vs Socialism”, the economic system is “Market- Based economy combined with private or corporate ownership of the means of productions. Goods and services are produced to make a profit, and this profit is reinvested into the economy to fuel economic growth”(Capitalism), which means if money is made then money will be spent in turn helping to stabilize the economy. On the other side of the coin, is socialism; requiring much more interaction with the governing power. In socialism, “ The means of production are owned by public enterprises or cooperatives, and individuals are compensated based on the principle of individual contribution. Production may variously be coordinated through either economic planning or markets”(Capitalism), meaning that the governing power controls the industries and all means of producing goods and allocates the compensation to all workers evenly; if the individual contributes. Depending on the type of socialist government the extra value produced while go to either the nation as a whole or to all of the employees of the business. Both of these types of economies have benefits; Capitalisms being that the harder one works the
In capitalism the individual makes decisions for themselves, but this also means that they must live with the consequences of poor decisions. In a capitalist country the freedom of choice allows people to opportunity to create their own success, decide if they want to pay for college, or for their healthcare. In socialism the government makes a lot of these decisions for you. It gives you the freedom to choose your religion, even though it usually promotes secularism. It also allows you to choose your job and whom you marry. They have compulsory education meaning, that education is mandatory. The government pays for the healthcare and the education, which is provided through taxation of the people. This will create a country that has a well-educated youth, but with everyone earning similar benefits and wages this destroys the motivation to be better than your peers. The freedom that capitalism offers brings people into countries like the United States of America and the united kingdom, which is why there is such high levels of immigration. While on the other hand, socialism’s ability to keep every equal and not discriminate may be inviting to people since it is stable. While both types of governments are successful in today’s world, they obviously have many differences. While government involvement, the economic systems, and their exercise of freedom of choice