Capitalism is an economic system in which everything is made, traded, and owned by private parties. Because of its flaws, it is not the most ideal economic system but it works and it is fairly stable throughout the world. Many first world countries today are capitalist, including the United States, Germany, Japan, Canada, and the United Kingdom. Capitalism relies completely on private parties to produce and trade goods in order to sustain the economy. The reason that it is the most widely used economic system in first world countries is that it drives competition in private industries and therefore encourages technological advancement. Despite its advantages, every economic system has its flaws. Numerous systems were created in order to address the shortcomings of capitalism but capitalism remains the most reliable economic system today.
Communism is both an economic and political system in which all people are equal in wealth and rights. It works well in theory, but not so well in action. It aims to eliminate social classes in order to create a society in which everyone has almost complete equality. This would solve the
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It was a popular topic in literature and often depicted a society in which everyone is happy and money did not exist. Money was usually replaced with property or it did not exist at all. Utopian socialism focuses on the humanities, arts, and happiness more so than technological advancements and political systems. Utopian socialist literature inspired influential figures such as Karl Marx to write about create near perfect socioeconomic systems. The writings of Marx further influenced the regime of others like Joseph Stalin. Utopian socialism is not exactly a defined socioeconomic system and would not work because it is nearly impossible to create a perfect