Both socialism and capitalism have many ad

Socialism, on the other hand, was introduced in the early 1800's and was initially intended to end the inequality cased by capitalism. In theory, socialism is designed to help the people and has a great amount of advantages. But in reality, it causes nothing but oppression and denies the rights and freedoms of society. In any type of society and economy there has to be a hierarchy. That alone contradicts the whole theory. Having a hierarchy creates and upper class, hence, everyone isn't equal. Also, the goods that the society produces would be of poor quality because there is no reward for making the products better than others; there is no competition. In a socialist economy, a doctor with his degree would be rewarded in the same way as gas station attendant. In reality, socialism could never work. Due to the nature of human beings to be competitive and hav

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Adam Smith, Industrial Revolution, capitalist economy, richer poor, richer poor poorer, poor poorer, rich richer poor, economic systems, socialism hand, economy people, sounds promising, advantages disadvantages, rich richer,
Approximate Word count = 587
Approximate Pages = 2 (250 words per page double spaced)