In about 150 words, discuss how the economic freedoms of capitalism lead to improved societal conditions when compared with conditions of socialistic countries.

In a capitalist system, consumers make their own choice. This free choice leads to competition and innovation as firms struggle to make better products. Also, demand for goods creates an incentive for firms to become more productive and efficient. This benefits the consumers unlike in a socialist system where there is less incentive for entrepreneurship due to less rewards for innovation.