The debate between capitalism and socialism is as old as it gets. For centuries, people have been debating which one is better. Some wonder how those great "ism" influence the sustainability of the economy. Before getting into this, it is important to know what socialism and capitalism are.
According to Google's definition, Capitalism is " an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state."
According to that same source, socialism is "a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole."
According to the article The Misconceptions of Capitalism vs Socialism| Building a Sustainable Economy neither Capitalism nor socialism does a good job at providing us with a sustainable economy. In the author's own words " It's all about ensuring we live as species, culture and individuals in a manner which can be sustained financially, ecologically and socially. Whether that is implemented using capitalist or socialist principles is almost beside the point..."
This seems to disagree with William Godwin's point of view who had proposed a Utopian anarchist society where property and self-interest had disappeared. He added that people would instead act rationally in the interests of the whole. Marx had a similar idea to Godwin when he said that a communist society would be one that institutionalizes conscious human control over its own fate.
A link to the article mentioned in this article can be found bellow
http://ecopreneurist.com/2012/12/19/the-misconceptions-of-capitalism-vs-socialism/
