Address the topic completely in paragraphs. "Cut and paste" remarks from any source is not permitted. Use your own words and analysis on the topic. The purpose of Topic 1 is to let you demonstrate critical thinking and thoughtfulness.

Most economists and political scientists agree that Capitalism provides greater incentives to economic growth and prosperity than Socialism. Advocates of Capitalism suggest it is a system that promotes economic freedom and a limited role for government. Some critics of Capitalism suggest that Capitalism is not superior and critics use "specious" arguments to promote Socialism.

Possible Points of Discussion (ideas you MAY choose to frame your comments):

• • Define Capitalism and Socialism
  • Make a cogent argument that promotes Capitalism as a better system than Socialism.
  • Alternatively, make a cogent argument that discredits arguments in favor of Socialism.
  • Does either system exist in a pure form; does that negate the merits or criticisms?
  • What does history tell economists about the merits of either system?
  • How do you measure and judge the favorable effects of either system on a society or country?