Problem
Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. Socialism is a political and economic theory of social organization that advocates for the means of production, distribution, and exchange being owned or regulated by the community as a whole. Understanding the difference between capitalism and socialism will help you understand how these economic systems impact how resources are collected and distributed within society, which is connected to that society's system of work. In this problem, you will write an essay discussing how capitalism and socialism function in different countries. In the US Capitalist and China Socialist.