Bus309- ethics

Week 4 Assignment – The Role of Capitalism

Overview

Capitalism is an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state. Socialism is a political and economic theory of social organization that advocates for the means of production, distribution, and exchange being owned or regulated by the community as a whole (1). In this assignment, you will write an essay comparing capitalism and socialism.

Preparation

Note: You must watch this video on capitalism and socialismbefore you begin this assignment.

Instructions

Write a 2–3 paragraph essay in which you do the following:

• Explain the concepts of capitalism and socialism.
• Compare and contrast capitalism and socialism with supporting definitions, explanations, and examples.
• Identify three pros and three cons for both capitalism and socialism.

This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.

The specific course learning outcome associated with this assignment is:

• Examine the role capitalism plays in corporate decision making.

Sources

1. William H. Shaw. 2014. Business Ethics: A Textbook with Cases. Wadsworth, Cengage Learning 8th edition textbook

Answer preview

Capitalism and socialism are two of the major economic systems used in developed nations. In capitalism, businesses, enterprises, and the ‘means of production are privately owned by individuals with little or no government intervention. Capitalist nations have free markets controlled by the laws of supply and demand to facilitate the production of quality goods and services affordably (Shaw, 2014). Socialism refers to an economic system where the government or worker cooperatives own most of the enterprises and means of production for the whole community’s gain. Some socialist countries allow private ownership of some major enterprises but with notable government intervention.

380 words