Scribd
Upload
32 views9 pages

Capitalism vs. Socialism: Created By: Tammy Twiggs

The document defines capitalism and socialism, compares their key characteristics, and discusses the pros and cons of each system. It also defines a mixed economy as one where some industries are privately owned while others are publicly owned or nationalized, and notes that many capitalist economies have adopted aspects of a mixed model. The document concludes that a mixed economy may be best as it allows for a free market with some regulation and government subsidization of beneficial programs.

Uploaded by

Diksha Khanduri
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
32 views9 pages

Capitalism vs. Socialism: Created By: Tammy Twiggs

The document defines capitalism and socialism, compares their key characteristics, and discusses the pros and cons of each system. It also defines a mixed economy as one where some industries are privately owned while others are publicly owned or nationalized, and notes that many capitalist economies have adopted aspects of a mixed model. The document concludes that a mixed economy may be best as it allows for a free market with some regulation and government subsidization of beneficial programs.

Uploaded by

Diksha Khanduri
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 9

Capitalism vs.

Socialism
Created by: Tammy
Twiggs

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

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

owned and controlled


by the state
production are

Capitalism vs. Socialism


Capitalist countries:
America
Canada
Brazil
Japan
Mexico

Socialist countries:
Cuba
Saudia Arabia
Iran
North Korea
Burma

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

Pros and Cons of Capitalism


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 earths
resources

Pros and Cons of Socialism


Pros

Cons

All members share benefits


Those who cannot contribute may
still participate (disabled, elderly)
Each members survival needs
are met
Equal distribution of wealth
No socioeconomic classes

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

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

Government subsidized programs

Postal service
Rail lines
Libraries
Health care
Social programs
Roads
Infrastructure (bridges,
freeways, etc.)

You might also like