Question

Whats the benefits and drawbacks of living in the US, a capitalist system, versus living in Belgium, a socialist economic system

Answer 1

I don't know too much about Belgium. Though, living in the US we have capitalism. This means that If I have a good idea, I can use that idea. (invent something, a new product, a new process, a new system) I can patent that Idea and sell it to people. I can make money off that Idea and no government will tell me that I have to give my money to them. In a socialist world, the government has much more control over what I earn. I could go into more deatil but that's a rough distinction. In a socialist system I may be taxed heavily on what I earn (Though I earn $100, $50 was taken and given to the government) and the government does this so they can pay for services that they intend to work for the entire country. Health care, education, etc

Answer 2

There is a great website called http://www.gapminder.org which will let you compare all sorts of differences -- gdp, health, etc. Hans Rosling's talks are also really interesting (from that same website).