In this paper, you will provide a concise overview of capitalism and socialism as explored in the readings. In the final section, you will delve into Piketty's policy proposals, which transcend the traditional boundaries between capitalism and socialism.

Building on the readings, write a paper where you first dedicate first page

• to explaining capitalism (3 points), including its connection to your vision of a good society (3 points), drawing on readings about social objectives.
• In this section, discuss the process of technological innovation within capitalism (3 points), how the benefits of technology are distributed (3 points), and how capitalism generates inequality (3 points) and financial instability (3 points).

Then, devote second page to explaining socialism again drawing on the readings.

• Discuss how bureaucratic coordination is used to produce and allocate goods and services, and how this system creates an "investment hunger" and full-employment and fosters growth (3 points).
• Also, explain how socialism can lead to shortages in certain sectors (3 points) and cause inequality in terms of money income and material welfare (3 points).

Don't use any LLM such as ChatGPT for the first two pages.

For the third page, using an LLM tool such as ChatGPT, ask whether the LLM thinks that capitalism is a better system. Summarize the LLM's answers in your own words, and explain where you disagree with the LLM by building on the readings. To agree or disagree, you should definitely compare capitalism and socialism in terms of investment capacity, technological innovation, unemployment, and inequality by referring to the readings (+7 bonus points).

For the final page, drawing from your own experience, evaluate whether and to what extent the socialism proposed by Piketty can effectively address issues such as financial instability, economic growth, income inequality, racial disparities, and climate change in capitalism. If you think that these solutions are not effective or have some challenges, offer some solutions to address these challenges (10 points).

Note that

You should upload your paper as PDF or Word. The total should be around 4.5 pages (12-point font, double-spaced, with 1-inch margins, and formatted in correct APA style). Don't worry if you exceed the page limit.

The paper must include relevant resources from various readings (by citing page numbers!) that align with the topic.