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Capitalism Economy Vs Underground Economy

1058 Words5 Pages

Britannica Heilbroner, Robert L., and Peter J. Boettke, editors. "Market Systems." Britannica, 2016. Britannica. “Capitalism, also called free market economy or free enterprise economy, economic system, dominant in the Western world since the breakup of feudalism, in which most of the means of production are privately owned and production is guided and income distributed largely through the operation of markets.” - Capitalism is a free market economy which is mostly used in the western world. This means that means of production are privately owned. “The policies of national power followed by these states succeeded in providing the basic social conditions, such as uniform monetary systems and legal codes, necessary for economic development …show more content…

"Capitalism vs. Socialism: Differences, Advantages/Disadvantages & the 'Underground Economy'." Study.com, Study.com, study.com/academy/lesson/capitalism-vs-socialism-differences-advantages-disadvantages-the-underground-economy.html. Accessed 12 Mar. 2018. “Capitalism affords economic freedom, consumer choice, and economic growth. Socialism, which is an economy controlled by the state and planned by a central planning authority, provides for a greater social welfare and decreases business fluctuations.” - Here is what the ideas of capitalism and socialism are are trying to convey, Capitalism affords economic freedom and economic freedom, but socialism is an economy controlled by the state and planned by a central planning authority, provides for a greater social welfare and decreases business opportunities.” Consumer choice - Individuals choose what to consume, and this choice leads to more competition and better products and services.” - An advantage to capitalism is that since individuals decide what to buy, there is more competition, so better products and services. “The means of production are owned by public enterprises or cooperatives (the state), and individuals are compensated based on the principle of individual contribution.” - In socialism, companies are owned publicly by the state and individuals are paid based on the fact that they …show more content…

Currently, however, severe poverty has disappeared in most industrialized countries because of free-market capitalism. Between 1990 and 2010, poverty rates fell by half in developing countries, from 43 percent to 21 percent — a reduction of almost 1 billion people. Compared to the average rate of poverty reduction throughout history, this is an impressive improvement.” - In industrialized countries, extreme poverty was normally. However, now, in most industrialized countries with capitalism, extreme poverty has disappeared. Poverty rates have fallen from 43 to 21 percent, almost 1 billion people less

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