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Benefits of Capitalism
In years 10001820 world
economy grew six-fold,in years
18201998 world economy grew
50-fold
Provides Choice to customers
Provides valuable goods and
services
Capitalism actively rewards
positive traits like hard work
Similarly, it punishes negative
traits such as laziness and theft
Narrows the gap between common
person and wealthy
Provides opportunity to realize
dreams and desires
Capitalist societies usually do not
have largeblack markets
Build on democracy
Social Good
Major limitations/
Criticism:
Socialism
Features of Socialism
Benefits of Socialism
i.
ii.
iii.
iv.
v.
vi.
Better salaries
Stable Environment
Eliminates poverty
Better Products
Fulfills survival need
Opportunity for citizens to explore noneconomically-productive pursuits
Criticism of Socialism
Mixed Economy
Any economy in which private corporate
enterprises and public sector enterprises exist
side-by-side, and decisions taken through market
mechanism are supplemented by some form of
partial planning, is to be described as a mixed
economy.
This system overcomes the disadvantages of
both the market and planned economic systems.
Features
Resources are owned both by the
government as well as private individuals.
i.e. co-existence of both public sector and
private sector.
Market forces prevail but are closely
monitored by the government.
Monopoliesmay be existing butunder
close supervisionof the government.
Advantages
Communism
Communism, also known as a
command system, is an economic
system where the government owns
most of the factors of production and
decides the allocation of resources
and what products and services will
be provided.
Features
1.Government ownes land
2. Government ownes capital
3. Government allocates all scarce
resources.
4. Government controls prices for labor
and goods.
5. True communism(which has never
been achieved) all people are considered
equal and given a steak in industry ect