System in which the government owns and operates basic industries but individuals own most businesses.
Sweden
India
Israel
Socialism -- An economic system based on the premise that some basic businesses, like utilities, transportation, banking should be owned by the government in order to more evenly distribute profits among the people.
Entrepreneurs run smaller businesses. (Small-scale private businesses may be permitted and workers may choose their own occupations)
Citizens are highly taxed.
Government is more involved in protecting the environment and the poor.
Production is based on national goals, and distribution is controlled by the state
Intent is the equitable distribution of income, elimination of poverty, social services to all who need them, elimination of the economic waste of capitalistic competition
Social equality
Free education
Free healthcare
Free childcare
Longer vacations
Shorter work weeks
Few incentives for businesspeople to take risks.
Brain Drain: Some of a country’s best and brightest workers (i.e. doctors, lawyers and business owners) move to capitalistic countries.
Fewer inventions and innovations because the reward is not as great as in capitalistic countries.
A society in which the people without regard to class, own all the nation’s resources.
China
North Korea
Cuba
Communism
All factors of production are owned and controlled by the government as proxy for ownership by all citizens
Production is based on centralized state planning to meet the needs of the state and not necessarily the needs of its citizens
The state dictates occupational choices and sets prices and wages
Intent is to create Karl Marx’s concept of a classless society where all contribute according to their ability and receive benefits according to their needs.
Most communist countries today suffer severe economic depression and citizens fear the government.
System in which the government owns and operates basic industries but individuals own most businesses.SwedenIndiaIsraelSocialism -- An economic system based on the premise that some basic businesses, like utilities, transportation, banking should be owned by the government in order to more evenly distribute profits among the people.Entrepreneurs run smaller businesses. (Small-scale private businesses may be permitted and workers may choose their own occupations)Citizens are highly taxed. Government is more involved in protecting the environment and the poor. Production is based on national goals, and distribution is controlled by the stateIntent is the equitable distribution of income, elimination of poverty, social services to all who need them, elimination of the economic waste of capitalistic competitionSocial equalityFree educationFree healthcareFree childcareLonger vacationsShorter work weeksFew incentives for businesspeople to take risks.Brain Drain: Some of a country’s best and brightest workers (i.e. doctors, lawyers and business owners) move to capitalistic countries.Fewer inventions and innovations because the reward is not as great as in capitalistic countries.A society in which the people without regard to class, own all the nation’s resources.ChinaNorth KoreaCubaCommunismAll factors of production are owned and controlled by the government as proxy for ownership by all citizensProduction is based on centralized state planning to meet the needs of the state and not necessarily the needs of its citizensThe state dictates occupational choices and sets prices and wagesIntent is to create Karl Marx’s concept of a classless society where all contribute according to their ability and receive benefits according to their needs.Most communist countries today suffer severe economic depression and citizens fear the government.
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