The allocation of scarce resources to the unlimited needs of people is a vital aspect of life that affects both well-being and fairness, and the amount that each person receives depends on the economic system in place. In this essay, my goal is to make the case for regulated capitalism and show that it is in fact efficient, fair, and feasible. In doing so, I will begin by examining the edge cases that economic systems can face and how these turn out to be flawed. On the one hand, we look first at pure capitalism, and on the other, at pure socialism. I then continue by examining the consequences of these systems to identify which one is morally correct based on the consequences that the economic system causes. I will then finish by looking at the best system, regulated capitalism, which refers to a system that recognizes the flaws of pure capitalism and corrects them by including socialist aspects in the system. Pure capitalism refers to economic liberalism in an economy in which there is private ownership of the factors of production, without government intervention, and where individuals are responsible for their own well-being. Capitalism in its purest form is recognized as more economically efficient but unfair compared to socialism. Although pure capitalism is very theoretical and does not exist in reality, in a purely capitalist society the prosperity of the economy is fueled by incentives. Adam Smith wrote: “In pursuing his own interest he often promotes that of society more effectively than when he actually intended to promote it.” This is actually true because, through our voluntary ability to act in our own self-interest, we are willing to give up what we have for what we wish to have. This then requires producers to produce... middle of paper ......e, which makes regulated capitalism the most morally favorable system. In the essay above, I have clearly shown how pure capitalism is efficient but unfair. on the one hand, and how socialism is not right and impractical, on the other. The results showed that none of these systems is morally the best, but that regulated capitalism is in fact the best system available. The fact that this system enables efficiency in a regulated way that minimizes exploitation and inequality and promotes equity by introducing social safety nets and regulations that protect both the rich and the poor, clearly makes this the best alternative. So, until a better economic system emerges, regulated capitalism will remain the closest possible system to a morally acceptable system that benefits both individuals and society as a whole..