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Socialism vs Capitalism

On the "left" of politics, economics, and society is socialism and on the "right" is capitalism. The conflict between socialism and capitalism is an interesting one. Despite the fall of Communism in Eastern Europe, many countries still have some form of socialist party like the Marxist-Lenist Party in Canada. In theory, both socialism and capitalism have their benefits and drawbacks. In order to compare the two dominant economic systems, we must first acknowledge that neither system is currently implemented anywhere in its "pure form." because both systems are self-destructive and unstable in their "pure form."

The following two sub-categories focus on the advantages and disadvantages of modified socialism and modified capitalism:

Why Socialism? Why Capitalism?