Capitalism And Socialism And Capitalism

1952 Words Jun 7th, 2016 8 Pages
For more than a century capitalism and socialism have been contending to be the best economic system. Socialism is a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. Capitalism is an economic and political system in which a country’s trade and industry that is controlled by private owners for profit. Capitalism is the heart and soul of America 's economy. A capitalist economy can take a person from rags to riches or from riches to rags depending on the path that is taken by one’s free will. This concept has made many American citizens wonder if the capitalist path the path worth taking. There have been radicals throughout the history of the U.S. who were not satisfied by the capitalist system as well as its ideals. One of those radicals, Huey Long, a Democratic populist who was a senator of Louisiana from 1932-1935, gave a speech entitled “Share Our Wealth” on February 23, 1934. The speech supported the ideals of socialism by suggesting equal distribution of wealth throughout the nation. Socialism may have its perks but capitalism is the best path to take since capitalism provides society with more benefits through economic competition, prosperity, and a moral system that promotes self interest. After World War I ended on November 11, 1918, American capitalism started to change, especially when capitalism hit an economic climax during…
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