Introduction. Socialist ideas have been attractive to many people in all times and countries. The principle that wealth can be acquired not only by work but also from interest from capital has been considered unjust. The Aim of the Study. Aim of this article is to initiate a renewed discussion about two competing economic systems. It is impossible to mention all the economists who have discussed the problems of socialism and capitalism. Materials and Methods. Theoretical methods — studies and analyse of literature, analysis of theoretical conclusions and characterization of historical situations. Many theoretical concepts from the Utopian ideas of Robert Owen to Karl Marx’s scientifically based model of socialism have suffered a defeat when they were embodied in real life. Results. The discussion about which is the better system seems to be concluded. Real life has proved that the socialist system does not perform as well as an economy driven by market forces. The example of the Soviet Union shows that a good market economy is better than a bad planned economy, but from this one cannot conclude that a good market economy is certainly better than a good planned economy. Is it perhaps too early to discard socialism? Conclusions. Deep and fundamental criticisms of socialism can be found in the works of 20thcentury Austrian economists. Ludwig von Mises’ basic critique of the impossibility of economic calculation under socialism and of the superiority of private markets in the means of production applied only to the real world of uncertainty, continuing change, and fragmentary knowledge — Joseph Schumpeter explained that the entrepreneurial spirit is a factor that ensures a higher performance of the economy. This article deals only with the ideas of some of the problems of socialism and capitalism, and the authors will be grateful for any discussion, criticism and contributions to the topic under discussion.