Socialism_Vs._Capitalism

Socialism Vs. Capitalism Socialism vs. Capitalism There are many different views concerning how an economy should be run and operated. The two most widely known are Capitalism and Socialism. These economic methods vary substantially in their beliefs of who should be involved in, as well as how to regulate, the economy. Most economies have characteristics from both systems, but tend to contain more elements of one than the other. Socialism is an economic idea that states the government or state should be in charge of economic planning, production, and distribution of goods. In other words, the businesses are owned by the citizenry and government, rather than by individuals. Socialism tends to favor cooperation, whereas capitalism is characterized by competition. In Socialism, competition is not prevalent, seeing as there is no one to compete with, the government being the sole owners of any businesses. Apparently, this system has not been very well received…according to Wei Luo of the Washington University of Law’s Socialist Law in Transition Seminar (Fall 2001); the only countries that currently label themselves as Socialists are China, North Korea, Cuba, and Vietnam. However, all but North Korea and Cuba are undergoing drastic political and economic economic, capitalism, socialism, one, government, goods, competition, businesses, system, should, consumers, capitalist, business, because, way, university, two, states, socialist, services, right, profit, production, prices, north, law, korea, institutions, however, favor, everyone, else, economy, distribution, deal