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Economic Comparison: Capitalism In China And US

2016 Words9 Pages

China and US Economies Comparison

The relationship between economies and capitalism
What is capitalism? It could stem from Adam Smith who was an excellent philosopher and pointed out some principles and definitions of capitalism in 1776. Capitalism which is an economic system was also called market economy, which means that individual or corporations owned the means of production which were used into earning profit. In other words, individual or corporations could work depending on their own interest and making decisions in order to earn maximal profit. These decisions were decentralized coming from many households and companies and also influencing the allocation of resources. The basic law “supply and demand” determined the prices …show more content…

The existence of internet dramatically reduced the cost of loads of transactions, which contributed to making production and distribution more efficient, it also made management more efficient than before, for example, manager could control and oversee the supply chains, companies could more easily provide customers service, communication became very simple, the relationship of customers and partners became tight and intimate. These changes also increased the competition, especially when e-commerce was widespread, the prices of products and services became more transparent, market became broader, customers were able to choose cheaper price by comparison. Sellers could also choose cheaper suppliers, this cycle made pricing and marketing more effective. Overall, customers got more choice and satisfaction, companies got more profits, but these are all the micro perspective, how the internet influence a …show more content…

Although Chinese always defined themselves as a “socialism with Chinese characteristics”, its free market was closer to capitalism, and the central government had powerful abilities to control and direct the whole countries. For example, Government did not allow some technologies companies such as Facebook, Youtube and Twitter operate in China, because it wanted to protect some companies which had the same features such as Wechat, Youku, and Weibo, and people in China are not able to skim some foreign websites which were defined as danger to China. People seldom participated in making political policies, though they were all endowed with

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