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The role of capitalism

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Reference no: EM132693466

The Role of Capitalism

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).

Briefly define, in your own words, the concepts of capitalism and socialism.

Identify three pros and cons of each.

The specific course learning outcome associated with this assignment is:

Examine the role capitalism plays in corporate decision making.

Sources

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

Reference no: EM132693466

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