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Capitalism vs. Socialism

Capitalism vs. Socialism. Definition of Capitalism. According to Dictionary.com, Capitalism is… an economic system investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations.

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Capitalism vs. Socialism

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  1. Capitalism vs. Socialism

  2. Definition of Capitalism According to Dictionary.com, Capitalism is… • an economic system • investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations

  3. Definition of Socialism According to Merriam-Webster, Socialism is… • Government ownership and administration of the means of production and distribution of goods • A system of society or group living in which there is not private property • A system or condition of society in which the means of production are owned and controlled by the state

  4. Capitalist countries: America Canada Brazil Japan Mexico Socialist countries: Cuba Saudia Arabia Iran North Korea Burma Capitalism vs. Socialism

  5. Mixed Economy According to dictionary.com, a Mixed economy is: • An economy in which some industries are privately owned and others are publicly owned or nationalized • Many capitalist economies are mixed economies (some capitalism and some socialism)

  6. Pros Competition to provide goods and services keeps prices low Rewards hard work Provides choice Allows for the building up of wealth and possessions Consumers regulate the market Cons Exploits people who cannot compete Uneven distribution of wealth Creates a money-oriented society Constant economic growth may deplete the earth’s resources Pros and Cons of Capitalism

  7. Pros All members share benefits Those who cannot contribute may still participate (disabled, elderly) Each member’s survival needs are met Equal distribution of wealth No socioeconomic classes Cons No incentive to work harder No competition means no reward to be innovative New members to the community (immigrants) are seen as competition for limited goods and services Higher taxes Pros and Cons of Socialism

  8. Which is best: Capitalist economy, Socialist economy, or a Mixed economy? • A free market exists with some regulation by the government • People can create their own businesses and make a profit • All businesses pay taxes, which benefit everyone

  9. Government subsidized programs • Postal service • Rail lines • Libraries • Health care • Social programs • Roads • Infrastructure (bridges, freeways, etc.) • Can you think of any others?

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