Research Paper on:
Socialism v. Capitalism

Unformatted Sample Text from the Research Paper:
individuals own business and companies, thus, the means by which products are made and sold are privately owned by individuals or groups of individuals (American Heritage Dictionary, CD-ROM). Socialism,  by contrast, is a form of statism wherein the state, or government, owns and administers the production as well as the distribution of products and services (Libertarian Thought, nd). Socialism  is both 1.) an ideology, i.e., a comprehensive set of beliefs about the nature of the society, and 2.) a state of society that is based on that ideology  (American Heritage Dictionary, CD-ROM). The marketplace is the center of any capitalist economic system because it is here that what will be produced and by whom it will be  produced are determined (Bell, 1976). It is also the market that determines how the rewards of the economic system will be distributed (Bell, 1976). Theorists point to two major advantages  of the market system: 1.) no individual or even group of individuals can control the marketplace thus power is more diffused; and 2.) the market system typically rewards efficiency with  profits while punishing inefficiency with a lack of profits (Bell, 1976). Economists refer to capitalism as a "free-market system" that is ruled exclusively by competition. Given some thought, one can  conclude there is no such system in operation in the world; governments issue numerous controls over companies and businesses and in effect, control the business (Bell, 1976). According to  some writers, capitalism is the only economic system that does not deprive an individual of his or her rights (Libertarian Thought, nd). Capitalism supports and allows the right to property,  liberty and the pursuit of happiness (Libertarian Thought, nd). People living under the capitalist system are free to acquire and retain property and they have the opportunity to increase their