The definition for capitalism is “a typ

Socialism is quite different compared to capitalism, almost like an exact opposite. Instead of the ownership of private property, the government plays a role as to who gets control social property such as banks and factories. Society as a whole is valued more, and all people are completely viewed as equal. The people who are in charge of production lines own it through the government. Communism is an extreme form of socialism that is mainly used in countries like China and Cuba. Socialism is a society where the items of the society, controlled by workers, are used for the benefit of all the nation‘s citizens, not just the rich. The government does have control over production and economic happenings, but the workers themselves decide what to produce, where to produce it, how much to produce, and how to distribute the product fairly for the benefit of all people. Communism occurs when the government becomes too powerful. A benefit of socialism is that workers rights are protected, and that everybody can have food on the table and be treated equally.

Capitalism played important roles as to how the American economy was a century ago. At the turn of the century a hundred years ago, the whole concept of producing goods changed. Now that machinery could be made to serve the role of humans, skilled labor wasn’t needed greatly. From this, hundreds of thousands of people flocked to the cities to work in factories. Immigrants were arriving in America in vast numbers, due to the fact that if you able to make the long ocean journey, the only test that you would have to pass to become an American citizen is a simple health test. European immigrants flocked to New York, Chicago, and Boston, and Asian immigrants settled up and down the West Coast. The rapid growth of these cities caused major problems, such as lack of jobs for all people. Tenements were extremely small rooms that were rented out at about $12 per month. Most of them did not have adequate air supply, lighting systems, or safe bathrooms. Considering the fact that sometimes families of twelve people were crammed into a tiny tenement that was 10’ by 10’, sickness was so common that one out of every three children born would die by their fifth birthday. A family of four could earn about twenty dollars a month at the most, so money for food was scarce. Because of the capitalist tendencies of the economy tenement owners, shop owners, and executives at places of work were all allowed to exploit the families by giving low wages and having high prices on essential items like food and clothing. The government looked the other way when it came to issues such as child labor and unsafe factory conditions, saying that only factory owners could decide on how to treat their employees.

e of social system that separates the economy from the government. “Laissez faire” is another name that was given by a man named Adam Smith. He said it is “better for a government to have “no intervention in the economy at all“. Capitalism is based upon private ownership of property and every citizen has the right to live the

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