Capitalism is by far the best economic system. Anyone can make it big with a little innovation and grit. It has allowed some of the richest people in all of the world to flourish. Some examples of these are the robber barons (which are captains of industry in my mind) of the early 1900s. These men seized the industry that they were involved in, and accumulated large sums of wealth. A more recent example is Bill Gates. He saw an opportunity in the computer business, and he took it. Another reason that capitalism trumps any other economic system is that it encourages competition. Many companies are trying to gain more profit. Call this greed, but again this is another plus that capitalism brings. Greed encourages competition. People are trying to get more money and therefore competing even more. The private sector has always been more successful in boosting the economy with jobs and competitive prices on goods and services. If these said companies can provide a price that the American people like, then the people will spend money on these products, therefore regulating the economy. This is what makes capitalism better than any other economic system.

Communism has no history of ever working; it is more of an experiment than an actual economic system. Communism has led to corrupt, totalitarian leaders that steal from the people rather than help them. However, capitalism has its fair share of corruption. Many communist leaders came into power from a very poverty stricken majority of people needing relief. Whenever there are bread lines, it leaves the door wide open for a communist leader to step up and promise prosperity and equality. Such was the case with Joseph Stalin. During the Russian Revolution, people were starving, and wanted help from someone who promised them something good. His true ideals of spreading the wealth looked good on paper, but never worked effectively. This system of government has no proven history of ever working, and as far as I’m concerned, never will.

In the words of the great Milton Friedman, “Socialism is slavery.” This could not be truer. When a government imposes socialism on a people, they are thereby enslaved to the government. The government owns the big businesses such as healthcare and insurance. Since the government is not effective in running any business, these takeovers usually result in a backlash towards the people of this country. Recently America has had a socialist sanction imposed on them: The Affordable Care Act. It has caused millions of Americans to lose their jobs since employers cannot pay to insure a higher number of employees. Another downfall of it is that for many Americans, coverage under Obamacare will double or triple their premiums. Many people won’t be able to afford this. And this president is the guy that is all for the middle class? On top of that, socialistic countries have higher unemployment. Since the private sector is not as large, not as many jobs can be created. Today, America is tottering towards socialism. I would be very disheartened if our countries leaders let us fall into that abyss.

Capitalism is so great because it grants the economic freedom for a person to accomplish anything financially. It is the tried and true economic system, the promise of prosperity. Just remember, in capitalism, bread lines wait for people. In communism people wait in line for bread.