Answer: Let's start with a definitive description of each.
Capitalism: is a free market economy, where goods and services are produced by private firms. The goods produced are determined by market forces of Demand and Supply.
Socialism: is an economy where each member of the public owns an equal fraction of the means by which goods and services are produced. The goods produced here are determined by the government.
Explanation: I am going to list some of the Advantages and Disadvantages of each so that you can pick the advantages of the system you are supporting and the disadvantages of the other system in your essay.
Capitalism
Advantages:
- It ensures that only the goods needed are produced as the market is controlled by demand and supply.
- It encourages innovation and personal development as better skills and products lead to higher income.
Disadvantages
- It can neglect to produce necessary goods in the economy when focus is only on goods that give the highest return.
- It leads to inequality between the people in an economy.
Socialism
Advantages:
- It leads to equality, people enjoy equal standards of living
- It corrects market problems such as monopolies, price fixing and cartels.
Disadvantages:
- There is an absence of innovation due to lack of competition, so there is no drive to improve on the current goods, services or methods of production.
- It leads to bureaucratic bottleneck as decisions usually have to be taken by several government officials in a bid to ensure that rules are followed.
The Cuban Missile Crisis of 1962 was the closest the USA and Soviet Union ever came to nuclear war. A US spy plane took photographs of Russian missiles in Cuba. Cuba is 90 miles off the coast of Florida. President Kennedy told Nikita Krushchev, the Russian Prime Minister to remove the missiles. Krushchev refused to do so. Kennedy ordered a naval blockade of Cuba - nothing in or out. In response, The Soviet Navy headed towards Cuba to take on the US Navy. Kennedy left the blockade in place,. Krushchev backed down and had the Soviet ships return to the Soviet Union. Dean Rusk, the American Secretary of State stated"We are eyeball to eyeball with the enemy and he just blinked." The way Kennedy handled this crisis led historians to believe it was Kennedy's finest hour. The Soviets removed the missiles from Cuba and as a show of good faith, Kennedy had American missiles removed from Turkey.
e mentions that as much as Queen Elizabeth would have liked to ... play, and to depict her and Henry V as “the celebrity couple of everyone's.
He resisted calls to turn back and looking for the passage to the Pacific ocean, he took the passageway it was found.
