Explain the concepts of capitalism and socialism

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Reference no: EM133465868

Homework: Capitalism Vs Socialism

Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. Socialism is a political and economic theory of social organization that advocates for the means of production, distribution, and exchange being owned or regulated by the community as a whole (1). Understanding the difference between capitalism and socialism will help you understand how these economic systems impact how resources are collected and distributed within society, which is connected to that society's system of work. In this homework, discussing how capitalism and socialism function in different countries.

Preparation

Choose one capitalist country and one socialist country from the following lists:

• Capitalist Country
• US
• UK
• Japan
• Socialist Country
• China
• Cuba
• Venezuela

After choosing your countries, use the corresponding library guide to research chosen countries and then a one-page in which you do the following:

Question 1. Explain the concepts of capitalism and socialism in chosen countries.

Question 2. Compare and contrast capitalism and socialism in your chosen countries with supporting definitions, explanations, and examples.

Question 3. Identify three pros and three cons for both capitalism and socialism in your chosen countries.

The specific course learning outcome associated with this homework is:

1. Examine the role capitalism plays in corporate decision making.

Textbook: William H. Shaw. 2014. Business Ethics: A Textbook with Cases. Wadsworth, Cengage Learning 8th edition textbook.

Reference no: EM133465868

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