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Essay / Research Paper Abstract
This 3 page paper examines these three types of economic systems. Examples are provided. Bibliography lists 4 sources.
Page Count:
3 pages (~225 words per page)
File: RT13_SA344eco.doc
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Unformatted sample text from the term paper:
goods (McLeish, 1993). For example, things such as rent, interest and profit are given to private people who are owners; they effectively decide how to use their own natural resources
and goods (1993). While the concept is accepted theoretically, a true capitalist economy has never been effected in practice; that is, to an extent, there is some public ownership and
decision making power by the people (1993). Socialism, on the other hand, is a concept that comes with it a variety of meanings ("Socialism," 2003). It sometimes refers
to a political doctrine or economic theory where the vision of the ideal society goes to equality, in respect to both political and economic things (2003). The socialist ideal is
that of a social organization that is somewhat explained by Marxs idea as follows: "From each according to his ability, to each according to his need" (2003). The concept of
socialism is such that people are to share in the wealth of the nation, something similar to communism, but not exactly. In fact, in Marx and Engels communist paradigm, socialism
would be a precursor to the ultimate state of paradise. When looking at capitalism and socialism there are significant differences. Capitalism runs on the principle that motivation is
supplied by opportunity, but also that economic equity will never be achieved. Still, capitalism at its best is aligned with the idea that opportunity is equally available to all. Socialism
does not claim to offer the possibilities of wealth, but it does provide the idea of equity. While each type is different, there are some economies that run on
both principles. In Canada and the United Kingdom for example, while these are capitalist countries for the most part, socialized medicine is part of the paradigm. Hence, one can
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