Socialism: What is it? 
As someone fairly green to the field of business and economic systems, one thing I found very helpful was the definition and description of socialism that was laid out by Dr. Powell. In his presentation, Dr. Powell shows a bullet point telling students, "Socialism = Collective ownership/control of the means of production." It is my understanding from this and from further explanations and examples given by Dr. Powell that socialism, in its intended form, is the economic system that most would associate with equality. Under socialism, the private ownership that we see as a large classifier of capitalist nations is done away with and means of production/supply are controlled by the government. However, government control on the production factors in certain nations, such as Cuba, has led to a decline in the quality of life or variety of products offered.
Effects of Socialism on Variety 
While the streets of Havana, Cuba (shown above) are clean, colorful, and seemingly friendly, there is much more at play here. Dr. Powell used an example of a similar street in Cuba to point out to students a lack of signs or advertisements on the buildings, just to reveal that it was in fact a commercial street. Businesses in economies that are founded in socialism have no purpose for pleasing customers, building a positive review system, or developing customer relations. With government control and no privatization, businesses have no incentives to sell. This leads to the supply of higher quality goods and variety of goods declining. These 'luxuries' that are so commonly overlooked in a capitalistic society are sometimes unfathomable to countries whose supply is controlled by some form of government. This section particularly interested me and made me sit within my thoughts and think about socialism met for these people.
The sense of financial freedom, that people can spend their money how they please, on what they please, seems almost, if not entirely foundational. However, under the Cuban economic system, what people spend their money on is heavily regulated by the government, which controls the means of production and therefore the market supply. This system of economics feels like stripping away people's freedom to live the life of their choosing and shows the severity of governmental control in the country. To me, the Cuban's use of socialism ruins what many believe is a legitimate, freeing system of economics and government.
The Role of Socialism in Countries' Collapses 
Though many people in capitalist countries such as the United States push for changing our economic system to a socialist one, I believe I stand against these people after learning about the downfall of Venezuela and North Korea after their turn to a socialist society. Venezuela is one such country that gave many hope that socialism could work, however, as explained to me through the video of Dr. Powell, Venezuela had essentially pulled the wool over our eyes. They were prospering from the high prices of oil in a peak period of the nation's oil production and exportation; however, once their reign of the oil industry fell apart, so did the country. Their government and economic system was exposed as ineffective, however, with the socialist system they had placed in the nation, nothing would change. Present day Venezuela suffers from poor living conditions, extreme poverty for many of its citizens, and very few goods for purchase. Much of what is available to these people is from other nations that they will barter with, selling anything they can possibly think of, including their own hair according to Dr. Powell.
A less extreme collapse was highlighted by Dr. Powell, that being the declining state of the North Korea economy. North Korea is seemingly one of the most secretive countries in the history of our Earth. Much of North Korea is hidden to the outside world, especially regarding their citizen's quality of life, the variety of goods they are offered, and other intricate variables that would contribute to the quality of a country. However, post World War Two, we do know that North Korea and South Korea both had many struggles, however, they turned to very different economic systems. While North Korea turned to socialism and has since struggled, South Korea adopted a capitalistic economy and has been steadily increasing in economic scores and freedom rankings. China, another nation typically associated with socialism and communism, has also experienced positive growth for its people ever since moving further away from socialism. While China is not necessarily in a state of capitalism, they have moved closer to a capitalistic system, saving them from the doom socialism seems to bring. While many still plead the case for socialism, it is hard to argue with the history that socialism typically seems to spell disaster for the nations that adopt its policies.
My Reflection of Socialism
To say I have a vast understanding of national or global economics would be a blatant lie. Much of what I saw from Dr. Powell's presentation was brand new to me and would sometimes not make much sense. However, by re-watching clips where I was lost, purposefully listening and looking up what I didn't grasp I have been able to gather a deeper understanding of socialistic governments and economies and the affect that this system can have on a nation and its citizens. Having been born and raised in what I feel is a very free economy, I do feel like capitalism is a better system of economics to adopt as a nation, and the lessons and examples I saw in the material has reaffirmed and taught me why I believe what I believe. Through the reading material, I saw example after example of how socialist nations have run the quality of life for their citizens into the dirt, how their economies have collapsed, and how capitalism has found success. Perhaps if the government faded away like socialism intended then the system would work, however, that is not the reality of what has happened. No nation is perfectly capitalistic or socialistic, and neither system is without their flaws. However, from the lessons I learned this week, from the listening and research I did, I am confident that the more successful economic system has and will continue to be capitalism.