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Capitalism and Socialism Systems - Essay Example

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This essay "Capitalism and Socialism Systems" discusses and compares two of the most important economic systems, capitalism and socialism. The provision of goods and services is the most important responsibility of every economic system, and the effective fulfillment of this responsibility decides the efficacy of a specific system…
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Capitalism and Socialism Systems
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Download file to see previous pages Specifically, this paper will discuss and compare two of the most important economic systems, capitalism and socialism. For two decades, our globe has witnessed a heap of economic changes, which has resulted in the abolishment of communism. The world trade organization has come into being under auspices of the United Nations, making it mandatory for all member countries to open their trade borders for other member countries since the year 2005. The administration of W.T.O has given new scope to capitalism. Most custom duties were abolished or minimized to the extent of fifty percent, and no duty was imposed on the gadgets of information technology since then.
After the industrial revolution, a new economic and political system was developed that is now referred to as Capitalism or an open market economy. In such a system, free markets prevail, profits are made in an unlimited manner, and ownership of capital is not restrained by any imposition. In other words, methods of production are implemented and applied by businesses in a free manner. Moreover, private ownership of different means of production and distribution is allowed and encouraged in the capitalistic economic system. Some of the examples of such means are railways, industries, land, etc, which allow individuals to make profit. Furthermore, studies have noted that concentration of wealth is facilitated in capitalism, which results in the creation of competition, and corporations are developed in the result. In addition, capitalists are provided with authoritative powers by the generation of capitalism. Furthermore, the private sector is the most important sector in the capitalistic economic system, which controls the processes of production and distribution, which becomes possible by the least-possible interference of the government. (Seldon, pp. 23-25)
In order to further explore the capitalist economic system; there is two available classifications of capitalism in terms of its history. ...Download file to see next pagesRead More
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Capitalism and Socialism Systems Essay Example | Topics and Well Written Essays - 1750 Words.
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