Question

Which do you think is the better overall economic system: free enterprise capitalism

or socialist capitalism? Write one or two paragraphs explaining your opinion and
support your argument with facts or examples.

Answer 1

The terms capitalism and socialism are both used to describe economic and political systems. On a theoretical level, both of these terms also describe specific schools of economic thought. One of the most fundamental differences between the systems of capitalism and socialism lies in the scope of government intervention within an economy.