Role of Capitalism

Week 4 Assignment – The Role of Capitalism
Overview
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 assignment, you will write an essay discussing how capitalism and socialism function in different
countries. Instructions:
After choosing your countries, use the corresponding library guide to research your chosen countries
and then write a one-page essay in which you do the following:
Explain the concepts of capitalism and socialism in your chosen countries.
Compare and contrast capitalism and socialism in your chosen countries with supporting definitions,
explanations, and examples.
Identify three pros and three cons for both capitalism and socialism in your chosen countries.
The specific course learning outcome associated with this assignment is:
Examine the role capitalism plays in corporate decision making.

Role of Capitalism

Socialism and capitalism are among the most common economic and political systems across the globe. Countries like the US as well as UK are capitalist, while China as well as Cuba have socialist. Capitalism is characterised by a the free market system where production is driven by demand, while socialist economies are characterized by a planned economic system with the government under complete or partial control. It is the United States has a democratic capitalism based on a three-part market structure. The three components of the system’s political economy include a liberal moral and cultural system, fiscal accountability, and market freedom. American capitalism has evolved and is widely accepted by both liberals and conservatives alike. The advantage to capitalism is it boosts competition, which in turn drives innovations in a variety of sectors. This keeps the country in a position to improve its status as a leader in the world economy. Another benefit is the expansion of private industry, which creates many opportunities for employment. The leaders of the capitalist market are also in collaboration with the government to fund projects and responding to crises like the COVID-19 epidemic. However, capitalism comes with its own negatives, like escalating the gap between wealthy and the less fortunate Americans. Also, there is an monopoly of power since private corporations dominate the markets for labor and product (Manyika and others. 2020). Additionally, because the main goal of businesses is to generate profits, environmental and social benefits are frequently ignored. In addition, companies can profit from consumers since pricing is determined by market forces rather than the control of government.

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