Capitalism, And Socialism: The Best Economic System

People argue about what's the best economic system for their country. They argue between capitalism, communism, and socialism. Capitalism is a system where the ownership of goods and services are privately owned, allowing competition between businesses. Communism is when a party controls the means of production, distributing goods equally. Socialism allows the government to control the means of the production; wages and goods are distributed based on the work performed. All of these economical systems have pros and cons that come with them. Capitalism is the most effective economic system because it is not controlled by the government and it allows economic growth.

One reason why capitalism is the best economic system is because it is a system which is not controlled by the government. For example a website explaining the pros of capitalism states, “This means people and corporations can own land, goods, and investments. Private ownership means less government ownership and interference. It also means more power for the people.”(“List of Pros and Cons of Capitalism”, 2016). By having no government controlling the businesses it allows the owner to have total freedom on how they want to run their company. If the government controlled the means of production and set prices

For Example, in an article about capitalism it tells you that, “By encouraging the production of desirable goods and discouraging the production of unwanted or unnecessary ones, the marketplace self-regulates, leaving less room for government interference and mismanagement.” (Thangavelu). Allowing owners to have the freedom to decide what products appeal most to the public will make them become more successful. Let’s admit it, all business owners want to find the best way to make their company successful and to make more profit. By having capitalism our main system of government, it will allow all of