One of the learning objectives for macroeconomics to to compare and contrast different economic systems. There are no two economic systems that more different than capitalism, also known as a free market economy, and socialism, also known as a command, totalitarian or government controlled economy. Recently there has been an upsurge in some U.S. politicians promoting the virtues of socialism and downplaying the benefits capitalism. The reasons for this are political and time or space do not permit an adequate explanation. However, what needs to be explained and understood by all students is just what socialism is, what the history of socialism is, and what socialism does to economies and individual freedom. Please view the three videos linked in this discussion and then comment with a new discussion thread. , please comment on how you feel about socialism as a way to run the economy vs. capitalism. Before you comment, please make sure you understand what socialism is and what capitalism is. Consider these questions in your comments:
What are the main differences between socialism and capitalism? Why do you think socialism is appealing to some people? Is socialism the best way to allocate resources or is a market solution the best way to allocate resources? What does history teach about how socialism? Please put some thought into your answers.
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