In todays world we always trying to put things in a system and we have got systems for economy too like : Capitalism , Communism , Socialism so every government uses these systems or systems like these and about this systems Winston Churchill says ‘’ The inherent vice of capitalism is the unequal sharing of blessings , the inherent virtue of socialism is the equal sharing of miseries.’’ if we want to talk about this quote of Winston Churchill we should know what is capitalism and socialism.
Firstly we should talk about capitalism so capitalism is Functionally speaking, capitalism is one process by which the problems of economic production and resource distribution might be resolved. Instead of planning economic decisions through centralized political methods, as with socialism or feudalism, economic planning under capitalism occurs via decentralized and voluntary decisions. In today’s world most of the countries uses capitalism like : America , England , Germany etc. so we can understand from there most of the developing countries uses capitalism or capitalism-like economy systems even our country uses a capitalism-like system too.
Then we should talk about socialism to compare capitalism and socialism so socialism is Socialism is, broadly speaking, a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government. Socialism is based on the idea that common or public ownership of resources and means of production leads to a more equal society so briefly we can say that socialism is equalism in todays world countries like : China , North korea , Cuba etc.
Capitalism and Socialism have different aims but if we should compare them in capitalism richer gets richer and poor get poorer and if you want to get rich you should work a lot so it is hard to get rich but in socialism everyone is nearly in equal wealth but problem is that you are working a lot but your friend that not working a lot like you have the same richness with you and most of the people don’t want this.