Capitalism is an economic and political system in which a country’s trade and in

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 (1). 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 assignment, you will write an essay discussing how capitalism and socialism function in different countries.
Preparation
Choose one capitalist country and one socialist country from the following lists:
Capitalist Country
US
UK
Japan
Socialist Country
China
Cuba
Venezuela
Instructions
After choosing your countries, use the corresponding library guide to research your chosen countries and then write a one-page essay in which you do the following:
Explain the concepts of capitalism and socialism in your chosen countries.
Compare and contrast capitalism and socialism in your chosen countries with supporting definitions, explanations, and examples.
Identify three pros and three cons for both capitalism and socialism in your chosen countries.