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. Socialism is a political and economic theory of social organization that advocates for the means of production, distribution, and exchange being owned or regulated by the community as a whole (1).In this assignment, you will write a 2–3 paragraph essay comparing capitalism and socialism:Briefly define, in your own words, the concepts of capitalism and socialism.Identify three pros and cons of each.This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructionsThe specific course learning outcome associated with this assignment is:Examine the role capitalism plays in corporate decision making.SourcesWilliam H. Shaw. 2014. Business Ethics: A Textbook with Cases. Wadsworth, Cengage Learning 8th edition textbook.