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. Socialism is a political and economic theory of social organization
that advocates for the means of production, distribution, and exchange being owned or regulated by the
community as a whole (1).
In this assignment, you will write a 2–3 paragraph essay comparing capitalism and socialism:
Briefly define, in your own words, the concepts of capitalism and socialism.
Identify three pros and cons of each.
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