"The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries." -- Winston Churchill
Saying that capitalism is better than socialism is like saying that winning a million dollars is better than being in a high impact car crash. In other words, if you have an open mind, a good grasp on human nature and economics, and a passing knowledge of world history, there's absolutely no question that capitalism is superior to socialism.
Unfortunately, this lesson has been lost on a lot of people because our school systems have become so mediocre, there are no pure capitalist and socialist systems, and there are a lot of people who promote socialism for reasons that have nothing to do with economics. Is it surprising, for example, that politicians prefer an economic system that concentrates power in their hands as opposed to a system that makes them less relevant? Would anyone be shocked to find out that there are people who like the idea of making money based on whom they know and where they put their campaign contributions as opposed to slugging it out in the free market?
So with all that in mind, it is worth explaining, once again, why capitalism is absolutely, undeniably, unquestionably superior to socialism.
1) Capitalism produces faster growth than socialism. Ever heard someone say, "A rising tide lifts all boats?" It's very true. Why do you think most poor people in this country have refrigerators, microwaves, and televisions that we think of as basic necessities even though those items are considered to be luxuries in much of the world? For all the Occupy Wall Street talk about the "1%," if you make $34,000 a year after taxes, you are part of the worldwide 1% -- and Americans make up half of the total 1%ers on the planet. You can thank the growth created by capitalism for that. Even nations like China have figured this out and have seen their economies lift off by moving towards capitalism. If China keeps at it long enough, eventually the hundreds of millions of Chinese who're still living in huts and shacks will be able to have the sort of lives and technology even the American poor take for granted.