Economic Systems essays

Economic Systems essays In the world today there are primarily three types of economies and they are capitalism, socialism, and communism. The United States is an example of a capitalistic country, where Cuba is an example of a country adhering to Communism. These three economic types have scattered similarities as well as striking differences. Capitalism is a system of economics governed b the will of the people and the doctrine of free enterprise. Socialism is a system where the government owns the basic means of production and wages and also provides social services. Communism is the evolution of one class, common property holdings and holds no need for a working government. Capitalism and communism both emphasize the need for a fair and stable economy. However, with socialism and communism, the working class is most often sympathized with. Capitalism and socialism are similar because they are both looking out for the common interest of the people. The systems are also very different for example, Capitalism is an economic system where the government is confident in the decision-making skills of the individual where socialism relies on the government to override the economic decisions of the individual and provide control over the economy. Capitalism is encouraging of fair competition and the highs and lows of the free market and communism eliminates any competition and gives complete ownership to the government. Socialism places heavy emphasis on the necessity for government control of the economy whereas Marx envisioned a version of communism called for the evolution of one class system, common property, and no need for a government. In the power point presentation, capitalism is represented with a picture of George Washington, as well as skyscrapers this represents the US as a capitalistic country and industrialization is often linked to capitalism. The picture of people holding hands portrays that socialism aspires to achieve equ ...