Capitalism is better than Socialism

First off, Thank you for accepting this challenge. I'd rather have a late response than no response at all :)Hope I can have some fun and Good Luck !I agree with your definition on the matter we are discussing. And I would like to add to it.Capitalism is based upon private ownership of property and every person has right to live his life in any manner he chooses to , as long as he does not violate the rights of others. 1. Your first argument is basically this: Socialism is not bad, look at these nations that are based around socialism, they are doing pretty well in these tough economic times. Look at Australia, China and India they are surviving the economic crisis the best. You claim that their survival of these nation is due to the fact that they are socialist but this is not true. The truth is that the reason for their survival is capitalism itself.China China once had a socialist planned economy where the government (one party) controlled and owned all the means and methods of production. I think we all know what this was like to its people, it was a nightmare. It is now near all market economy after privatisation of most of the state owned enterprises and opening up to western countries ( in other words china's transition into Capitalism ) china has become the fastest growing economy and trade powerhouse, THIS is the reason for China's immunity to the economic ressesion, Capitalism. India In India we see the same events happening, Following strong economic reforms from the post-independence socialist economy, the country's economic growth progressed at a rapid pace, as free market principles( Capitalism) were initiated in 1991 for international competition and foreign investment.Australia And finally my favorite, Australia. Your statement " Australia, a country that uses a social partnership economy"That statement is clearly and unequivocally incorrect. The free market is the main characteristics of the economic system of Australia. Australia's economy is phenomenal and this country is among the first five developed countries of the world. Industrialization, private enterprises, large scale productions, high technology and natural resources are part of the Australian economic success. Small businesses also plays an important role in the economy of this country. Australian Free Markets are a perfect example of a capitalist economy. The booming economy of the country is well depicted in the markets of this country. While speaking of the Australian markets one significant thing which should be mentioned is their labour market. The government involvement in the labour market was considerably reduced (anti-socialism ) over the years. Earlier the government used to spend much of its revenue in employment programs which has changed now( example of socialist activity which failed and thus forced economic reform).2. Due to my Character limit I'll discus this in the next round.3. Your last argument is replete with so many inconsistencies and fallacies I'm going to have to dissect it and take this colossal amount of erroneous, false notions and disprove them one at a time.A= Your argument B=My rebuttal A. "Socialism also promotes harder work and the betterment of life due to the fact that if the industries are owned by the collective rather than the few, the people will work harder because they know that the fruits of their labor directly goes to them ..."B. The drive to succeed as an individual is the strongest motivating factor a human being can feel in their work. When work is uncoupled from reward, or when an artificial safety net provides a high standard of living for those who don’t work hard, society suffers. The fact that individuals are driven to succeed is in all our interests.A. "The main problem with capitalism is that it doesn't work for the people as a whole, rather the elite few as the definition implies. In small doses this is not full on bad but when we have the elite owning everything" B. Capitalism in a free society, it does more than any other system, it offers more opportunity for someone in the lower class to elevate their economic situation with determination and persistence. The U.S. is probably the best example of any country in history for this. How many times have we heard a story about immigrants who come to this country with nothing and then they become prominent and productive member of society because of the system. A. "Next, in a capitalist system, one where people own industries is. Oil, coal act, there is much less regulation and the probability of a disaster is higher."B. Because of what I read I assume you are unaware of the "Invisible Hand".The invisible hands states that if each consumer is allowed to choose freely what to buy and each producer is allowed to choose freely what to sell and how to produce it, the market will settle on a product distribution and prices that are beneficial to all the individual members of a community, and hence to the community as a whole. The reason for this is that self-interest drives actors to beneficial behavior. Efficient methods of production are adopted to maximize profits. Low prices are charged to maximize revenue through gain in market share by undercutting competitors. Investors invest in those industries most urgently needed to maximize returns, and withdraw capital from those less efficient in creating value. Students prepare for the most needed (and therefore most remunerative) careers. All these effects take place dynamically and automatically.For example the Oil companies you speak of research new technologies and more efficient product to maximize their profit influx and thus, they "unconsciously" benefit society by creating better products, and safer drilling. And if they don't they sink, Capitalism gets rid of the weak and counterproductive ( BP ). British Petroleum didn't provide a safe and beneficial drilling method so they suffered MAJOR economic losses and customer loyalty.Adam Smith in his 1776 book "An Inquiry into the Nature and Causes of the Wealth of Nations". In his book he states: "Every individual necessarily labours to render the annual revenue of the society as great as he can. He generally neither intends to promote the public interest, nor knows how much he is promoting it ... He intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for society that it was no part of his intention. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good." Thus, the invisible hand is essentially a natural phenomenon that guides free markets and capitalism through competition for scarce resources. A. "...business owners will only strive to make tons of money they will either a) shove the worker down or b) not abide by any sort of regulations (although there wouldn't be any) and that opens the door to more economic disasters."Once again this is incorrect, you are right on the "owners will only strive to make tons of money" but this does not create economic disasters. On the contrary it gives rise to an economy where the consumers regulate the market. Many consider this as one of the greatest strengths of a capitalist economy. A competitive market provided by capitalism facilitates the manufacture of a wide variety of products and the formation of a wide range of services. Conclusion: In conclusion I have proved all you arguments to be wrong :) Capitalism rules !"In conclusion, socialism promotes harder work[proved wrong] it benefits the people better in health institutions[proved wrong] and socialist countries are proved the best to survive the recession[proved wrong] "