Capitalism and Socialism in the United States and Cuba
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). Understanding the difference between capitalism and socialism will help you understand how these economic systems impact how resources are collected and distributed within society, which is connected to that society's system of work. In this assignment, you will write an essay discussing how capitalism and socialism function in different countries.
Preparation:
Choose one capitalist country and one socialist country from the following lists:
Capitalist Country
US
UK
Japan
Socialist Country
China
Cuba
Venezuela
Instructions
After choosing your countries, use the corresponding library guide to research your chosen countries and then write a one-page essay in which you do the following:
Explain the concepts of capitalism and socialism in your chosen countries.
Compare and contrast capitalism and socialism in your chosen countries with supporting definitions, explanations, and examples.
Identify three pros and three cons for both capitalism and socialism in your chosen countries.
The specific course learning outcome associated with this assignment is:
Examine the role capitalism plays in corporate decision making.
The only reference is,
1. William H. Shaw. 2014. Business Ethics: A Textbook with Cases. Wadsworth, Cengage Learning 8th edition textbook., which I have uploaded.
The Role of Capitalism
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Capitalism is a political and economic system controlled by private owners and the free market rather than by the government (Shaw, 2014). It is the dominant economic system in the United States, and the economy is primarily driven by private enterprise. Under capitalism, the free market is used to allocate capital and resources, and individuals and businesses compete for profits by providing goods and services to the public. On the other hand, socialism is a system that advocates for collective and state ownership of the means of production (Shaw, 2014). In Cuba, it refers to the political and economic system established and maintained by the Communist Party of Cuba in its one-party state, which has been in place since the mid-1960s. It is based on the principles of central economic planning and state ownership of the means of production and distribution to achieve coll...