I consider myself a capitalist, though it can be excessive and reward the rich too much which encourages corporate greed and cronyism. So, regulations and strong anti-trust legislation are necessary. There's always the problem of the poor so an efficient government should reward them with a hand-up, and not a hand-out. However, at least in the United States, we curbed the problem with free education, though tuition costs have rose in recent years thanks to the federal government's role in student loans. Because most students can successfully apply for those loans, but there can be fewer admission rates, colleges and universities have to raise the rates or risk an overflow of what's necessary. That's basically what capitalism is: supply and demand. And even with an education, you still may not be hired for a job depending on experience, other qualified candidates, and the market outlook. A rags-to-riches story is achievable, though it requires a healthy economic outlook and personal ambition.
The late Margaret Thatcher best summed up socialism is that "that eventually you run out of other people's money." Socialism guarantees you a job and living wage, though it takes heavy taxation and a heavy role of the government to support it all. With everything provided for you in order to level the playing field for all of society, there creates the lack of incentive, efficiency, and a healthy competition for the best jobs and products.
In the end, the flaws of capitalism can be curbed with socialism and the flaws of socialism can be remedied with capitalism. Therefore, a mixed economy is best where there is healthy competition among competing businesses that can deliver diverse wages and products, and the poor and middle class can have a fair quality of life and achieve upward mobility.
[quote="it means no worries"]I dont really know anything about US politics to be honest
i dont know what the republican stance is[/quote]
The Republican Party in the United States basically borders around the center-right on the political spectrum. They commonly endorse less federal government intervention so citizens can exercise their civil liberties, lower tax rates on the rich, a free-market capitalist economy, the right to bear arms, and strong national defense. Most Republicans are very socially conservative on issues such as abortion rights and same-sex rights, though a faction known as the Log Cabin Republicans supports the latter.