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Compare And Contrast Communism Vs American Economy

3037 Words13 Pages

Economy is the theory of trading something, in most cases, a currency of sorts, for a service or a good. The United States’ economy was first invented around the creation of the colonies. When the colonies declared independence from Britain, a more formal economy was developed to what it is today.the new world progressed from a small marginally successful economy to a large industrial economy by the late 18th century. Starting at trading of furs, we brought our newly found economy to light. This gave us a gate to the new superpower we didn 't know yet know about. The Federal Reserve runs and manages our economy on a daily basis, including the regulation of tax rates and controlling how much cash have in circulation. In the US economy, “[the] …show more content…

One of the major differences between capitalism and communism is who controls the resources. In a communist environment, the government has full control of resources; in a capitalist country, the resources’ are the owner’s responsibility. In the US “We, the people” have full ownership of our property; in North Korea, however, they have no real ownership of their property, the government owns it. America is a classed society, as most know as being the lower, middle, and upper classes for the poor, middle wealth, and rich, respectively. Since wealth is distributed somewhat equally in a communist economy, this system is nonexistent. Because of this “everyone is equal in communism... [leaving] a great divide of the class[es] in capitalism.” (from “Capitalism vs Communism”). However, since you own your property in the US, you are taxed for it, in the form of property taxes. In north korea they don 't pay these taxes, since the government would be taxing themselves. The only competition that they have is they international competition such as trade with other countries; in the US we have a free market with unlimited

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