There has been some debate lately about which is better, Capitalism and Socialism. Personally I am a pure Capitalist. I believe an economic system left unmolested by the government is the best form of economy. It empowers people to better themselves as there is no limit on wealth creation. Lets look at the pros and cons of Capitalism. The Pros of Capitalism link to source You are free to make your own choices (right or wrong) in the market place. You own your life and the means to produce for your life. You can choose to run your own business or get a job with ease of government regulation. As a consumer, you get the highest quality of products for the cheapest prices. As a consumer, you get the highest variety of the types of goods and services you can purchase. You are free to innovate and invent without the government getting in your way. You don't have to pay taxes beyond that of the basics to protect your rights (police, courts, national defense, etc). You vote with your dollars. If you don't like a particular store, you can always shop somewhere else. You have the right to own property, which comes with the right to develop it as you choose. You have the right to earn as much money as you want without having to answer to the government. Capitalism has given the highest standards of living this earth has ever seen and no other system has ever been able to do this Capitalism recognizes your right to pursuit of life, liberty and property. The Cons of Capitalism This is basically how I feel about Capitalism. Is it sad that there are bums on the streets? Yes, sure it is, but one needs to look at the underlying reasons why they are there and what economic system got them there in the first place.... Socialism. The Pros of Socialism link The average person not being asked to provide or pay for any of their basic needs. The government will provide for all of those necessities with a, 'one size fits all' approach. From housing, to health care and even employment There is no need to take care of these basic things yourself – because under a strict socialist government structure, all of the basic needs in life are provided by the federal government. The Cons of Socialism Socialism may sound good on paper, but from what I can find (and believe me I tried to search for the pros of socialism) it only makes people worse off. If you are given a check your whole life, or are raised in subsidized housing and end up being a bum on a street, its can be directly related to a socialistic approach on society. If the poor are given everything, they have no incentive to rise out of poverty. If it is taken away, suddenly they need to find a job to support themselves which in turn creates more profit for companies who are trying to compete in the market. Please feel free to add or deduct from this list as you see fit.