For more than 150 years, nations around the world have experimented with different economic systems.

Capitalism is built on private ownership, free markets, and competition. Its supporters point to innovations, rising living standards, and the economic success of countries like the United States, Japan, and South Korea. Critics argue that capitalism can lead to inequality, corporate power, and a concentration of wealth among a small percentage of the population.

Socialism emphasizes collective ownership, stronger government involvement, and redistribution of wealth. Supporters say it can reduce inequality, strengthen social safety nets, and ensure access to healthcare, education, and other essential services. Critics argue that heavily socialist systems can reduce incentives to innovate, create inefficiencies, and give governments too much control over the economy.