Question

Talk about the theories behind capitalism and socialism... and maybe how they work in practice. Especially for Socialism you will want to look at the Prezi's a as well as finding some outside sources. Are there problems inherent in each paradigm...? Are either of them pure in their existence in our political and economic systems throughout the world? Do they work together...? If so give an example. Also give your personal critique on both. You must cite the textbook at least twice and other sources, in-text and on a References (or Works Cited) page. You also need to provide at least one scholarly or government source properly cited. Y

Answer 1

Socialism has economic principles that really did not happen in the broader world. Its principles are very good and revolve around humanity and social justice, but in reality, it had left a lot of misery to countries following its principles.  

Capitalism as an economic principle does not appear great on paper, It believes that market forces must be left alone and the market will decide everything.

The irony today is the most advanced capitalistic countries in Europe are following pure form of socialism. They are giving free medical care, free education, unemployment benefits, and social benefits. These all clearly are not part of capitalism and in a way violates capitalistic spirit.

True communist socialistic countries have understood that socialism is not working and began following principles of the capital market, stock exchange, trade deals, etc.

So clearly both systems today co-exist and must be allowed to co-exist.