WORLD HISTORY

Detailed explanation-1: -Arguably, growth is highest under a market economic system. A market economy’s greatest downside is that it allows private entities to amass a lot of economic power, particularly those who own resources of great value.

Detailed explanation-2: -Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources. Left to themselves, economies tend to combine elements of both systems.

Detailed explanation-3: -Why is capitalism preferred? The verdict is in, and contrary to what socialists say, capitalism, with all its warts, is the preferred economic system to bring the masses out of poverty and to make them productive citizens in our country and in countries around the world.

Detailed explanation-4: -In brief, Communism backs full control of the Government across all standards of production and other resources. Socialism exercises adaptable forms of controlling the State. Capitalism supports a free market and overall economy without the involvement of the State.