It will be reckless and irresponsible for anyone to come on this thread and say one capitalism is better than socialism or any other form. obviously, socialism has worked fine in europe, moreso in the scandinavian countries and propably south america with the exception of some capitalist countries, but that cant be said the the USA, you see mass unemplyment, home forclousre, homlessness, and other societal ills.

"Under capitalism, the profit motive is supreme. Mathematics replace morality in the sense that profitable activity thrives and all other activity is supressed. Problems arise from activities which are financially productive but socially destructive. Love is fundamental to human welfare and yet, because it leads to activity such as sharing, caring and giving away, it runs counter to economic ‘progress’, so those activities which promote love are discouraged, while those which discourage it are promoted. Inadvertantly perhaps, the capitalist system rewards selfishness but punishes altruism."

Take a close look at the problems of the world today and you will know why capitalism have runned its course, how could you ever justify 1% of the world population owning and controlling 90% of the worlds capital ever wondered what the occupy "wall street" or the G20 protest is always about? or ever asked yourself why its only those countries that call themselves democratic and capitalist are always the first to exploit and invade another sovereign country? We have seen what socialism have done in countries like Libya, Venezuela, it reinvest the profits of the country on the people so all have a decent standard of living. Obviously, socialism or any other system is perfect but countries around the world should be free to choice which form suits it most and not be forced to practice a system that will never benefits the people but enslave the people, an example is nigeria. China and Cuba including a host of other countires out there should be appluaded for chosing and sticking to a system that suits them rather than be bullied arround.

Around the world , we have different races, different religions, cultures and values. countires should be free to have different econmical and governmental systems as well

I agree with those that say the key is in achieving the right Balance, thus getting the benefits of both while limiting the drawbacks. Capitalism is good for growing business, technology, infrastructure,etc,  and likewise Socialism should be embraced for underclass welfare and basic socioeconomic solidarity.

I see Socialism as ideally being suited to establishing cooperative societies, fostering a strong unity amongst the working-class people (preferably at local levels) and then having that be the foundation from which the larger market economy can prosper with minimal corruption. Capitalism and Socialism should be together like a good marriage.

Builder:

Around the world , we have different races, different religions, cultures and values. countires should be free to have different econmical and governmental systems as well

Go slowly! No one is disputing that fact. Sure countries should be free to have any economical and governmental systems THE question and issue is simple: which system is better? You speak of Europe, YES; Socialism works perfectly until you run out of other people's money. Greece, Spain, Germany, UK, Italy and many other European countries have run out of other people's money. Now they are more broke more than you can imagine. . .  They are living off debt bankrupting the future to maintain the present “standard” of living.

You said "under capitalism the profit motive is supreme" but in life the profit motive is supreme. The world cannot function without profit. I take your “socially destructive” point but that’s part of its excesses and can be managed. The excess of socialism is part of what we experienced in Second World War. Socialism progressed to communism and then fascism. . Ask the Russians.

The occupy Wall Street movement and, or the G20 protest has nothing to do with capitalism BUT the protesters think otherwise. They are there because of the financial crises supposedly caused by Wall Street and the bailouts. . The financial crisis was caused by government deliberate housing policy NOT WALL STREET. The bailout on the other hand was done by the government.  I have to mention here that Capitalism, as a system, is against bailouts of any sort, it is often regarded as a profit system but that’s a misleading label, it’s a profit and loss system and the loss part is just as important as the profit part because it is what keeps out badly operated and poorly managed businesses. It is the government that bailed out badly operated companies to stay in the system . . . the problem is the government.

ginru:

I agree with those that say the key is in achieving the right Balance, thus getting the benefits of both while limiting the drawbacks. Capitalism is good for growing business, technology, infrastructure,etc,  and likewise Socialism should be embraced for underclass welfare and basic socioeconomic solidarity.

I see Socialism as ideally being suited to establishing cooperative societies, fostering a strong unity amongst the working-class people (preferably at local levels) and then having that be the foundation from which the larger market economy can prosper with minimal corruption. Capitalism and Socialism should be together like a good marriage.

There is no such thing as a pure capitalism or pure socialism. They only exist on paper not reality. Socialism is slavery . . Competitive capitalism is the answer especially in NIGERIA . The business of the government is to create a framework for individuals to flourish

Capitalism in the Nigerian Concept
http://articlesng.com/capitalism-nigerian-concept/