A criticism levelled against both socialism and capitalism is that they fail economically.

A central criticism of socialism is that it is economically unworkable and will end in disaster. Capitalists have pointed out socialist countries such as the Soviet Union endured economic stagnation and shortages. North Korea is used as a textbook example of a socialist country ending up as basket case.

A criticism of capitalism is that it is prone to slumps and economic crisis. Examples include the great depression of the 1930s, several recessions in the western world since the mid 1970s and the great crash of 2008.

How would socialists and capitalists respond to these criticisms.