Socialism is an economic system characterized by social ownership and control of the means of production and cooperative management of the economy, and a political philosophy advocating such a system. A socialist economic system is the organisational precept of production for use, meaning the production of goods and services to directly satisfy economic demand and human needs where objects are valued based on their use-value or utility. (keep in mind there are many forms of socialism or degrees but they still all are based on one word. CONTROL)
Capitalism is an economic system in which trade, industry and the means of production are controlled by private owners with the goal of making profits in a market economy. In a capitalist economy, the parties to a transaction typically determine the prices at which assets, goods, and services are exchanged.
Neither of these functions work, Socialism is too restrictive, and Capitalism breeds greed..
Lets remember the major depressions and recessions have occurred on Capitalism's watch, caused by Rich People, attempting to get richer with flagrant disregard for everything and anybody... Do Bankers ring a bell, Lehmans Brothers, Barings Bank and Nick Leeson.. and yet Bankers still get their bonuses despite bringing the western world to it's knees... pure unadulterated Greed, sanctioned by Greedy Governments, run by Greedy Politicians..All in the name of Capitalism..
I agree that Capitalism has it's merits and allows people who want to get on and make things better for themselves the opportunity to do it, but there has to be a limit on this, Money makes more Money, and the more you have the more you want...
Poor people want it, because they perceive their lives will be better for it, Rich people want more of it, because they do and can, and they do not want to be poor...
The cost of Utilities in this country is extortionate, Greed, nothing else, the cost of a holiday for your family during School Holidays is double sometimes treble the price than taking the children out of school... why, Greed, the tour operators know that they have a captive audience so they can charge what they want.. Greed
Another story if you will: Sometime in the 60's-70's a neighbor works for the state at minimum wage. He makes the conscious decision to forgo any extra education and yes, he has ample opportunity to get that education if he wants it. Instead he sticks with the security of the state job. You see it is hard to fire a state employee plus they are told they will be taken care of when they get old. I would also adventure to say that the state job of simply holding up a shovel was very appealing to him. Yes, his wife worked at the local shirt factory in order to help make ends meet. They raised two kids (boys) who followed in their fathers footsteps by getting a minimal wage job with the state. Why not, they have cut their lifestyle to enable them to live on the money coming in. Yes, all those cheap things that capitalistic production produces where a part of their home and did increase their prosperity. They were and are comfortable in their lifestyle. Three houses down, I and my wife lived in the same type of environment. The difference was, we wanted to get ahead of the game. We both worked a job, sometimes two jobs and went to school at the same time. Because of capitalism we were able to eventually leave that street. The other father is now retired getting a state pension, his adult kids are living there feeding off of that state pension with not a thought of getting ahead.
AS I have said, neither function works, and people will always be different, one persons Caviar will be another persons Meat and Two Veg, we are all different...
To all and especially Scott: Under Capitalism you can pull yourself up by the boot straps and have a little better lifetsyle. Under Socialism you cannot. Of course there are people who do not want to get ahead (too much hard work) yet they complain not about the work they do but about the others who are Richer than they. I call this 'Jealousy' (You have something I do not and it is not my fault that I don't have it. In fact, it is all your (the richer person's) fault).
Capitalism Breeds Greed, and that is one of the reasons for the breakdown of the family unit, which leads us back to this subject thread, parents spend all their time working, they do not have time or sometimes the inclination to bring up their children properly, so they rely on Minders, Nurseries to do that job for them, people who like the Capitalism system are only there doing a job, and in some cases couldn't give two hoots about your children...
Of course there will be stay at home parents who still do not bring up their children correctly, I think your example above of the state worker illustrates that, but parents having to work to keep their heads above water, driven by Greedy corporations is killing this society...
I expect in another 10 years, we will see another economic crash, perhaps next time it will be the one that finishes the world off, and plunges us into war... Yay for Capitalism...