Since the Industrial Revolution, two main economic systems have developed; these are capitalism and socialism. Both of these systems have its advantages and disadvantages. Adam Smith, known as the father of capitalism, bases capitalism on three main points: wealth, competition, freedom of enterprise, and profit motive. A basic explanation of capitalism would be an economy in which the people are free to engage in any type of business; the government doesn't have any control over the people's destiny. Socialism, on the other hand, is almost the complete opposite. Socialism is an idealistic theory of a planned economy in which the government owns all resources and the wealth is divided up equally. They plan the amount of goods to be produced and determine how it should be distributed.
             Both socialism and capitalism have many advantages as well as disadvantages. One of the advantages of capitalism is the wider range of goods and services. Another advantage we receive comes from all of the competition. Producers are always trying to make the highest profit possible. To do this, they must persuade the consumer to buy their product. From this we get greater variety, quality, quantity, and lower prices. In a capitalist economy, it is almost as if the consumer dictates what goes out on the market. Although capitalism sounds promising, many people get hurt due to the constant rise and fall of businesses. In a capitalist economy, only the strong survive. Due to this, the rich get richer and the poor get poorer.
             Socialism, on the other hand, was introduced in the early 1800's and was initially intended to end the inequality cased by capitalism. In theory, socialism is designed to help the people and has a great amount of advantages. But in reality, it causes nothing but oppression and denies the rights and freedoms of society. In any type of society and economy there has to be a hierarchy. That alone contradicts the whole theory. Having a...