The year was 1942, and a teacher stood in front of an elementary class defining communism, socialism, and capitalism.
Her description was this: Living in communism, you go to work, then give the government your pay and they give you a stipend to live on. In socialism, you go to work and then give the government half of your pay, and you keep half of your pay. In capitalism, you go to work, keep your pay, and give the government a stipend to operate with.
The problem with capitalism is that after 200 or so years, the leaders discover they can spend money they don't have, and they head the country into bankruptcy. Businesses keep consolidating until a small number of large businesses own most of them. They then control the economy of that country.
They also figure out how gullible the people living in the country are. This gives those big organizations the power to direct how the government acts.
I've contacted five other students who were in that grade and they all remember the above. However, it's been 69 years and their wording may not be exactly like mine.
Robert W. Knight
Stafford