1. In the world today the United States is currently the biggest econmic power. The United States happens to be a capitalist society. The main concepts of Capitalism are the right to own private property, the right to own a business and keep all that business's profits, the right to freedom of competition, and the right to freedom of choice. Many would say that Capitalism is the best way to go about things, however; there are good and bad sides to it.
One of the big advantages of Capitalism is that the motivation to work efficiently is high. Since profits are given to owners, workers will be rewarded for being effecient. In a communist society there is little motivation to work hard because it won't get you anything better than the person barely doing their job. Another advantage of Capitalism is no scarcity or oversupply will exist for long because supply and demand controls the market. Business's are not going to continue to put out the same product if they know if it isn't selling. If the Business's know something is going to sell then they will put more of it on the market. Lastly you get many social freedoms in a Capitalist society such as freedom of speech, press, aseemly, religion, job choice, movement, and elections.
Some of the problems with capitalism is that the rich tend to get richer and the poor tend to stay poor. You might of heard the phrase you need money to make money. This is somewhat true, having money to spend makes it much easier to start a business. While the poor are normaly the ones working the bottom of the line jobs for these companys the rich start and will never see the same returns are the owners. One way to fix this problem is to make it easier to get loans. The problem with doing that right now is banks are not doing so well right now. We just recently had a huge bailout for banks partly because of the subprime mortgage crisis which was cuased by banks giving too many sub par loans out. Too many of the loans didn't get paid back and the banks went into the red.