19 December 2014
Capitalism vs Socialism
Is China a Capitalist or Socialist country? It is actually a mixture of both! Socialism is an
economic system in which the government owns and controls manufacturing, while Capitalism is an economic system based on laissez faire (hands off), which means that government can’t interferer in marketplace. China actually has a bit of both of these economic systems. There are a verity of differences between Capitalism and Socialism, these differences characterize if a country is a capitalist country or a Socialist country.
Capitalism’s central idea is that the marketplace decides what will be made and sold.
In Capitalism the government exists to protect individual rights. Capitalism first emerged in the 16th century; Capitalism in Europe was preceded by feudalism. Capitalism can be tracked back all the way to Western Europe during the Middle Ages. Then it began to develop into a more modern version during the Early Modern Period in countries in northwestern Europe, like the Netherlands and Europe. The founder of Capitalism was Adam Smith; he created Capitalism around the 18th century.
Socialism is an economic system in which the government owns and controls
manufacturing, and is also responsible for planning the economy. Socialism was created in the early 18th century by Karl Marx. Socialism was created in an attempt to eliminate the differences
between the rich and the poor. If you are a socialist you are not allowed to own anything not even a house!
Socialism is the concept that individuals should not have ownership of land, money, or
industries. But the whole whole community collectively owns and controls property, goods, and production. In the other hand under Capitalism, individuals own and control land, money, and ...
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