Socialism is an economic system in which such productive tools as labor, capital, and land are owned and managed by the group as a whole or by its agent the state. Economic systems usually combine elements and characteristics of both capitalism and socialism. In less complex, nonindustrialized societies, it is difficult to distinguish economic activities from family life, religion, politics, and social relations. In more complex societies such the US, the economic institution is more clearly separated from other social institutions. The primary means of production used by American society is industrialism.
Industrialism combined with advanced technology influences the size and complexity of our society.
Complex organizations and corporations regulate the activities of many workers and the flow of money. Corporations - America s economic institution is very much dominated by large corporations. The influence and power of corporations have important implications for society. Economist John Kenneth Galbraith believes corporate capitalism cannot chance free competition. The stakes are too high.