With the help of your textbook and Ch 23, please explain the differences among capitalism, socialism and communism. Then explain the pros and cons that each hold.
Capatalism is an economic system where there is a free enterprise system and they people of the country have freedom to own and run their own businesses how they want. They aren't controlled tightly by the government and it is private ownership of capital.
Pros- provides an open competition in the market, gives people better opportunity for raising their income, and wide variety of products
Cons- fierce competition, makes an economy money-oriented, and depletion of resources on Earth
Socialism- an economic and politiacl philosophy based on the idea that the benifits of economic activity- wealth- should be equitably distributed throughout society. It rejects the idea of individualism and competition.
Pros- distributes weath more evenly, increases workers rights, decreases poverty, allows for a stable economy
Cons- increased taxes, increased bureaucracy, no competition
Communism- the collective, or state, ownership of land and other productive property. The government controls the land and businesses. They tell people what to sell and if they can even have a business.
Pros- same standard of living, less crime, eliminates local cultures and hereditary elites, invest in education
Cons- less focus on individuals, can't raise your standard of living, no competition, too much control, less freedom,
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