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Compare and contrast between communist and capitalist
Mixed economy advantages and disadvantages
Compare and contrast between communist and capitalist
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1. Summaries: a. Intro: There is a hidden side to everything, no matter what it is in the world of economics. There is a disparity in morality and reality—morality is how we want the world to work, and reality or economics is how the world actually works. Book goes on to layout Freakonomics and define unusual phenomena that later become chapters.
Advantages: Some advantages of a mixed economy would include, cheaper necessities because the government is not in it to make a profit and runs off of supply and demand so everyone can be satisfied. Disadvantages: Some disadvantages of a mixed economy would involve, high taxes so government can supply basic necessities. Free Economy Definition: “A capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand.” ~ Dictionary. Reference.comValues/ Beliefs: In a market economy (free economy) they believe in individualism and that an individual should run the
William T Cavanaugh (2008), wrote Being Consumed: Economics and Christian Desire which is a philosophical book, which focus on four (4) economic life matters that addresses the consumer culture within society. These four economic life matters are free market, consumerism, globalization and economic scarcity. In order for this topic to be discussed on a theological point of view, the author draws the reader’s attention to human life, the ends of life in God. The key question in every process is whether or not the transaction contributes to the flourishing of each person involved. In order to address these questions the author points to concrete examples of alternative economic practices in which Christians participate-: business, co-operatives, credit union, practices of consumption which marks the vision for Christian economic life.
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.
In the more developed regions of the world such as the United States, the United Nations and some of the Asian Countries, the form of economy there is Capitalism. Capitalism allows business owners to expand as much as they like since businesses are privately owned and the government have little to no influence on them. To the rich, capitalism is great, it allows them to be as rich as they want, but to the poor, capitalism only makes them poorer, it creates a disparity in social class system, and the varying changes in employment rate as a result of monopolization. Capitalism, due to monopolization makes the poor stay poor. To elaborate: a monopoly is when a person or a group owns the majority of the supply for the public.
Meanwhile, the theory of Communism was theoretically developed by Karl Marx and Friedrich Engels in 1848, with the writing of “The Communist Manifesto” (Heywood, Politics 41). Communism is a system in which all economics and politics are synthesized into one classless state which is most commonly associated with common ownership and people 's leadership by a political party. Although both ideologies coincide in a few aspects when in practice, Communism and Fascism feature different approaches to property and society. Similarities between Fascism and Communism First, under both despotic systems, the state controls the production system, industry, and trade.
The American Industrialization was in the late 1800’s making many things to improve the economy. The American Industrialization was caused by multiple factors, some of the factors included a growing population, a willing work force, high tariffs, among many more. These effects made people willing to work at lower wages so they can get jobs and buy American made goods. There were many outcomes of the Industrial Revolution, both positive, like improving people's lives, and negative effects, like exploitation of workers. The positive effects of American Industrialization is how it make work cheaper, employed thousands of workers, and improving people’s lives.
Communism In China A. Communism First, we would like to introduce about the communism. Communism is a socioeconomic system that advocate the common ownership and eliminate the private property rights to establish a society without social class system, country and government. In this system, the land and capital property own by the people. It advocate that the difference of the labour will not cause any unequal treatment and it oppose to the prerogative.
Communism rejects individual ownership of industry, and promotes the manufacture of goods in order to satisfy the basic needs of the economy and the people. In communist societies, production for individual
Instead of capitalists or private sectors owning the factories of production, the government owns them. This in turn results in the government collecting the profit instead of just businesses taxes. Pros and Cons Proponents of both systems have continually argued which economic system is better. Both have their advantages and disadvantages. Capitalism makes sure that an economy will produce the best products and that these are priced reasonably.
Many organisation argue that they should move away from the ideology of HSE legislation standards because of it’s many regulation(red-tape) affect the way business is done The Rt Hon Michael Fallon et al., 2013). The reason organisation believes in a more “laissez faire” way of doing things, it that is help drives the market into a more competitive form of business in comparison to the “laissez faire” of trade Kelloway and Cooper,
Next, the other economic system is capitalist economy where there is no involvement of the government. In this type of economy, there is freedom of choice for the consumers to choose the goods and services that they wanted to buy.
INTRODUCTION An economic system is defined by the various processes of organizing and motivating labour, producing, distributing, and circulating of the resultant of human labour, such as merchandise and services, consumer durables , machines, tools, and other technology used as intake for hereafter production, and the infrastructure within and through which production, apportionment , and circulation occurs. These arrangements are intended by the political, cultural, and environmental conditions which they co-exist together (Gemma; 2014). In a command economic system or planned economy, the federal government controls the economy by deciding how the state would use and distribute resources. The government also regulates prices and wages
1) Government may intervene in a market in order to try and restore economic efficiency. One of the ways the government intervention can help overcome market failure is through the introduction of a price floors and price ceilings. If prices are seen to be too high, price ceiling or a maximum price could be imposed on a market in order to moderate the price of the product. This policy is often used when there are concerns that consumers cannot afford an essential product, such as groceries. The effect of a maximum price could create a shortage as it could lead to demand exceeding supply for that particular good.
