Under capitalism, private owners invest their capital and that of others to produce goods and services they can sell in an open market. Under socialism, the means of production is commonly owned, and part or all of the economy is centrally controlled by government.

The former Soviet Union is an example of a socialist system. Cuba is an example of a socialist nation. Its economy is state-run, and it lacks a stock exchange. Healthcare and education are all completely managed and administered by the government.

This data is a great starting point to look at the top examples of capitalism.

• Hong Kong. Hong Kong is one of the most interesting countries in the world.
• Singapore. Singapore is a small country with big economic power.
• New Zealand.
• Switzerland.
• Australia.
• Ireland.
• United Kingdom.
• Canada.

The Advantages of Laissez-Faire Leadership

• It Encourages Innovation.
• It Encourages Personal Growth.
• It Optimises Experience.
• It Increases Job Satisfaction.
• It Can Free Up Your Schedule.
• It Can Encourage Laziness.
• It Can Weaken Your Position.
• It Can Reduce Productivity.

Criticisms of Laissez-faire economics Can lead to inequality of wealth and income. Adam Smith raised the problem of monopolies, which can arise under an economic system of laissez-faire. Monopolies can charge higher prices, restrict supply, and those firms with monopsony power can pay lower wages to workers.

Laissez-faire capitalism is an economic system that advocates that people with money, or capital, can use their money as they wish. Socialism advocates government control of the instruments of production, such as farms and factories.

The verdict is in, and contrary to what socialists say, capitalism, with all its warts, is the preferred economic system to bring the masses out of poverty and to make them productive citizens in our country and in countries around the world. Remember this: Capitalism rewards merit, socialism rewards mediocrity.