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 two of the most common economic and political systems around the globe. Countries such as the US as well as UK are capitalist, while China as well as Cuba both are socialist. Capitalism is characterised by the free market system where production is driven by demand, whereas socialism is characterized by a planned economy that has the government having complete or limited control. It is the United States has a democratic capitalist system that is based on three-part market structure. The three elements of the economic-political system include a liberal moral and cultural system, fiscal responsibility and market-based freedom. American capitalism has developed and is has been accepted by the majority of people, including conservatives and liberals. The advantage for capitalism is the fact that it increases competition, which in turn drives innovations in a variety of sectors. This keeps the country in a position to improve its standing as a leading country in the world economy. Another benefit is the expansion in the business sector which creates new employment opportunities. The leaders of the capitalist market are also in collaboration with the government when it comes to funding projects and responding to crises like the COVID-19 epidemic. But capitalism also has its negatives, like escalating the gap between the rich and the less fortunate Americans. Also, there is the monopoly of power, as certain private firms control the labour and product markets (Manyika and others. 2020). In addition, as the primary goal of businesses is to earn profits, environmental and social advantages are frequently ignored. In addition, businesses can be exploitative of customers because pricing is dependent on market conditions instead of government-controlled. Cuba is a socialist country in which the government partly regulates the economy. 

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