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.
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.
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
Requirements: 2-3 paragraphs
Answer preview
Some advantages of capitalism include limited taxes on enterprises, minimal government intervention in the market, and the opportunity for people to freely move up and down the social classes based on individual effort. The cons include the possibility of wide income inequality, stratification of socio-economic classes, and ignorance of social or community benefits. On the other hand, some advantages of socialism include free healthcare, reduction of relative poverty, and reduced incidences of hidden taxes. However, socialism has a high rate of progressive tax,
