Question

Read the prompt for an argumentative essay.

Discuss the benefits and problems of capitalism and socialism, and evaluate which system provides the greater overall benefit to society.

What does the prompt ask the writer to do?

explain why the problems of capitalism outweigh the benefits of socialism
establish positions on capitalism and socialism using reasons and evidence
explain why the problems of socialism outweigh the benefits of capitalism
persuade readers to learn more about the benefits of capitalism or socialism

Answer 1

The terms capitalism and socialism are both used to describe economic and political systems. On a theoretical level, both of these terms also describe specific schools of economic thought. One of the most fundamental differences between the systems of capitalism and socialism lies in the scope of government intervention within an economy.