Problem: The Role of Capitalism
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.
In this problem, you will write a 2 to 3 paragraph essay comparing capitalism and socialism:
a) Briefly define, in your own words, the concepts of capitalism and socialism.
b) Identify three pros and cons of each.
The response must include a reference list. Using one-inch margins, double-space, Times New Roman 12 pnt font and APA style of writing and citations.