Capitalism Versus Socialism: The Great Economic Battle Of Two Ideologies

Capitalism versus Socialism:The Gr eat Economic Battle of Two IdeologiesCaleb Marlin WislerECN 272 OA+: Introduction to MicroeconomicsAsbury UniversityMarch 5, 2021The debate between capitalism and socialism has been going on for several decades.These ideologies have been debated for a long time and while there will always be opinionsabout them, in the end, one works out better than the other one. History has shown that certainforms of running an economy do not work. Some countries experiment with these and as soon ascircumstances go poorly , they stop. There have been many dif ferent ways that these two systemshave been applied in countries and governments around the world. Before going into how thesetwo systems af fect countries, they need to be explained.Capitalism is the name given to the free-market system where people and firms get todecide how , when, and where to spend their money .1This system has been related to some of themost successful countries in the world today , including the United States of America, SouthKorea, Germany , and Japan. In capitalism, income is given out through markets. People work inthese markets and make most of their money through them. The system started in the 17thcentury and rapidly gained momentum after