Learning about Capitalism and Socialism

The best way to learn about these things is to actually read about them (and related topics). That can be a daunting challege. Where to start? Where to begin?

The book/primer that I lead people toward first, regardless of what I know if their economic background or education, is 'Basic Economics' by Dr. Thomas Sowell. It is written for anyone to understand. It discusses capitalist economics, feudel economics, and socialist economics. (although I will save you the suspense that Sowell has a positive-bias toward capitalism).

From there, perhaps the next book I would suggest is 'Capitalism and Freedom' by Milton Friedman. It's basic premise is how capitalism is fundimental for economic freedom and actually essential for political freedom.

If you can get through those two books, and are still interested in learning more, take on the heavier stuff:

'The Wealth of Nations' by Adam Smith

'The Communist Manifesto' By Karl Marx

'The Road to Serfdom' and 'The Fatal Conceit' by F.A. Hayak (And if you are a glutton for punishment, 'The Constitution of Liberty')

If you need some lighter, classical works, read some of the works of Bastiat.

All of these, with the exception of Marx, do bias positively toward capitialism. That said, in my personal quest to understanding both of these 'isms', I have found these and Hayak's direct criticisms of socialism to be more informative then some of the positive-biased works about socialism were (or rather, once I read them, the critiques at that point marred their positions.)

All said, if you walk away with just reading 'Basic Economics', you will at the very least walk away with the sense that capitialism is one of the most misunderstood concepts (i.e. a term to refer to greed as a synonym.) in the modern world.