Examples of both capitalism and socialism

Reference no: EM13216994

An important question that has occupied social scientists is whether the economic institution or the political institution is the determining institution. The term economic system refers to the social institution through which goods and services are produced, distributed, and consumed. Two essential styles of economic systems divide the industrial societies we have in the world now: capitalism and socialism.

Name examples of both capitalism and socialism and explain in detail the advantages and disadvantages of each in your own words.

Reference no: EM13216994

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