Define the roles capitalism and socialism play along with the pros and cons of each-Briefly define, in your own words, the concepts of capitalism and socialism. Then list three pros and cons of each.
Capitalism is an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state whereas socialism is a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community […]