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Economists associate capitalism concept with Adams Smith while socialist connects it to the Marxist capitalist theory by Karl Marx. It is a…
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Download file to see previous pages... It is also referred to as free market system. Prices and distribution are controlled by competition. (Britton, 2012)
It is expected that every economic system should address fundamentals such as; the type of goods and services which are produced within the economy, It must be in a position to address how these goods are produced within the economy and finally the source of demand for these goods. All these requirements are addressed by the capitalism economic system. The system recognizes the issue of scarcity within the society and therefore the question of opportunity cost.
Socialism economic system, advocates for common and public ownership of resources. It advocates for common ownership of property and other important resources in the economy. The production arrangement is designed to meet the demands of the common man. With this kind of arrangement, all the goods required by the populace will be produced.
Socialism fosters on communal ownership of resources. It gives power to the citizens to control the means of production. Therefore there are no wide gaps, i.e. the haves and proletariats. Capitalism is a free market system which fosters on the private ownership of property. Means of production and distribution is wholly under private ownership. The system is characterized by sole motive of competition to make profit. (Britton, 2012)
The oil in the United States of America is handled in a form of capitalism. The production is majorly driven by the need to make profit. The full control of oil is purely private ownership based. In Mexico, the oil industry is partially competitive and profit driven and other hand, communal well being driven. It is operated as a mix of both capitalism system and socialism system. It is important to note that in Mexico, the government has a keen interest on oil and therefore subjects some regulations. Norway, one of the wealthiest countries in the world operates a mixed system which gives room for the ...Download file to see next pagesRead More
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