Chapter One: Addressing the Criticisms of Socialism and Capitalism

Published February 25, 2021

Socialism and capitalism provide two distinct answers as to who controls decisions in the economy. The historical criticism of socialism is that it is a root source of totalitarianism. In contrast, the recent criticisms of capitalism range from disagreement with its principles to critiques of some of its outcomes.

Discussion Questions

1. What comes to mind when you hear the word “socialism”?
2. Is capitalism the best economic system for the world?
3. What are the differences between socialism and capitalism?

Additional Resources

• To learn more about socialism and free-market capitalism, click here.
• Read “Capitalism, Socialism, and Freedom,” by Peter Berkowitz. Available here.
• Watch “Socialism and Free-Market Capitalism,” by Peter Berkowitz. Available here.
• Listen as Peter Berkowitz discusses liberty, self-government, and political moderation. Available here.