The verdict is in, and contrary to what socialists say, capitalism, with all its warts, is the preferred economic system to bring the masses out of poverty and to make them productive citizens in our country and in countries around the world. Remember this: Capitalism rewards merit, socialism rewards mediocrity. I mean, socialism talking about equality but it is just a beautiful lie , and capitalism is an ugly truth !
I wouldn't really say that capitalism defeated socialism, rather socialism together with communism defeated itself. Looking at the political systems today we all agree that capitalism was the better system. USA grew so much stronger in the last 80 years than Soviet Union or China. Socialism is strongly connected to communism and share a lot of the same principals. On paper it is a good system, it focuses on the common good of a country and helping everybody to have a better life. Things like central plannings makes that everybody should have enough and nobody is missing out. The problem is that people at the top are changing with power. Even if they were very good people before coming in office, once they taste all the power and money they will change. Instead of focusing on the common good eventually the politicians start to focusing on their own good, accumulating wealth and being open to corruption.