The History Of Capitalism And Capitalism

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History of Capitalism and Socialism
Socialism and capitalism are systems that have both been used in different settings across the globe despite their different settings. The main argument between the two is economic equality and government control versus freedom of choice without the interference of government policies. The interaction between socialism and capitalism came into place in the nineteenth century. Socialism focused on the expression of political and social reforms, power, and an ideal economic and social system that was intended to overcome capitalism. Socialism became influenced worldwide between 1848 and the first world war (Kowalczyk, 2015). Capitalism focuses on private ownership without the power of government being involved in production of goods and services. The relationship between capitalism and socialism changed in the twentieth century due to new dimensions of “social systems” which included one third of the world’s population(Comparing Economic Systems). Socialism and capitalism influenced and modified the three dimensions of intellectual, political, and normative systems (Comparing Economic Systems). Capitalism and socialism have been debated topics for several years and many individuals believe socialism is a better choice because everyone gets profit instead, of one individual or group taking control of the profit. Capitalism is seen as the better choice by other individuals because they are usually more technologically advanced and
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