you will analyze the various economic systems and their impact across the globe.
ID: 1119621 • Letter: Y
Question
you will analyze the various economic systems and their impact across the globe.
#1. Compare and contrast capitalist, socialist, and communist systems by explaining their similarities and differences. Type your answer by clicking in the Write Submission tab in the Economic Systems Assignment Submission section.
#2. Compose a world map showing the locations of above economic systems. You can do the mapping by either of the following ways: Find a world map online, make a print of it, hand draw the locations on it, then scan and save the map as a pdf file, and then submit it as a file attachment in the Economic Systems Assignment Submission section, OR do all the mapping electronically, then save the work as a pdf file, then submit it as a file attachment in the Economic Systems Assignment Submission section.
#3. Explain how these above economic systems have shaped the lives of people in various countries/regions throughout the world. Type your answer by clicking in the Write Submission tab in the Economic Systems Assignment Submission section.
Explanation / Answer
ans 1=
Capitalism- is based on private title of the means of production & on personal economic liberty . Majority of the means of production,( like factories), are owned by private people & not by the state. Private owners determine what & when to manufacture as well as what should be the price of the products. The fundamental principle of capitalism is that persons should compete freely without the state interfering . The prices are determined by how many commodities there are & how many persons desire them. When supplies rise, prices develop a tendency to fall. If prices fall, the demand normally rises till supplies run out. Then prices increase once again, but only so long as the demand is high. These laws of demand & supply operate in a cycle towards price control & prevent prices from becoming too high / too low.
Communism
Karl Marx was concerned about by the growing hiatus between rich & destitute . He looked upon capitalism as an outdated economic system that exploited labor, who would finally rise against the well- to- do as they were treated unfairly. He contemplated that communism would substitute capitalism. Communism is based on doctrines meant to rectify the issues caused by capitalism.
The most essential doctrine of communism is that the private title of property isn’t permitted. He understood that private ownership boosted greed & encouraged persons to knock out competition, without caring for the impacts. Property must be communal , & the populace should eventually control the economy. The state should exercise control in the name of the populace, at least in the switch from capitalism to communism. The aims are to eradicate the hiatus between the rich & destitute & create economic equality.
Socialism
Socialism, (like communism), asks for putting the chief means of production in the hands of the populace, directly / via government intervention. Socialism also upholds that income & wealth should be shared more equivalently among the populace. Socialists differ from the communists in that they don’t believe that the labourers will topple the capitalists in a violent and sudden manner. Nor do they uphold that private property should be eradicated totally. Their chief aim is to narrow, and not completely erase, the hiatus between the rich & destitute. The government has an accountability to redistribute wealth in order to make society fairer and more just.
There is no absolute capitalist / communist economic system in the world currently. The capitalist US has a Social Security mechanism & a state-owned postal service. China (communist) now permits its populace to retain a proportion of the profits they obtain.
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