Capitalism Vs Socialism

Capitalism is an economic system where resources (where monetary or otherwise) are privately owned. Socialism, on the other hand, is a system where goods are owned by the state or the public. In capitalism, everyone works for their own wealth, while in socialism, everyone works for wealth which is distributed equally to everyone. Capitalism (the free market) is a socioeconomic system that relies upon certain basic institutions, among them private property, contract, rule of law, and voluntary exchange. It is this system that enables individuals and communities to pursue their own perceived self-interest without resorting to coercion. The capitalist system also allows for the creation of corporations and other entities that seek to maximize profit as a means of meeting the needs and wants of individuals and communities. I think neither one will help create a sustainable economy. People want to share and generate personal income: they want to co-operate as well as compete.  That’s the way the economy is going and it’s what will be the foundation of sustainability.