The United States is considered a capitalist nation but like many countries, the U.S. has a mixed economy that falls somewhere between socialism and capitalism.
The Soviet Union led the world to socialism through economic and military assistance, and conquest propaganda. For decades, half the world was socialist, including Eastern Europe, China and other Asian nations, parts of Africa, and even a few nations in the Americas.
Then, the Soviet Union’s communist regime collapsed following the fall of the Berlin Wall in 1989. Capitalism dominated the new economic system for Eastern Europe Russia. China turned to private enterprise, and was soon on its way to becoming a leading capitalist power.
Capitalism is an economic system where the means of production are owned by private individuals. Socialism, on the other hand is an economic system where the means of production, such as money and other forms of capital, are owned by the state or public. Learn more about the characteristics of Capitalism and Socialism here.
Newly elected, America's first big-city socialist council member in decades slammed President Obama's economics, suggesting she could live to see the end of U.S. capitalism. Read more at Salon.