In order to debate between Capitalism and Socialism, it is necessary to understand what the differences, advantages, and disadvantages are of both systems. Basically, Capitalism advocates private property, and that society does better when an individual can purchase and produce as they see fit. Socialism, in essence, is the theory that property ownership should reside in the hands of the government, and that the government can do more with the
             assets than individuals can. The difference between Capitalism and Socialism
             can be summed up by their definitions. They are based upon completely
             opposite philosophies. Capitalism is a political and economic system in which
             factories, companies, land, etc. are owned privately in order to create profit
             for the owners. Prices of goods and services fluctuate depending on the
             desire of the consumer and the availability of the goods (the law of supply
             and demand). In a capitalist society, there will be significant differences in
             wealth and power between those who have capital (machines, factories,
             ships, land, etc.) and those who do not. Capitalism is the only
             politico-economic system based on the doctrine of individual rights. This
             means that capitalism recognizes that each and every person is the owner of
             his own life, and has the right to live his life in any manner he chooses as long
             as he does not violate the rights of others. Socialism is a political and
             economic system which advocates collective or governmental ...