...that America is truly run from the government and we have no choice; but, compared to other countries, America has a lot of freedom when it comes to the rights of the individuals. The economic system that the United States uses is capitalism. Capitalism is the economic system that is also known as the free market system, and is based off on private ownership, economic freedom, and fair competition. Other countries, however, use socialism as their economic system. Socialism is based on the principle that the government should operate some of the key enterprises that affect the welfare of the public. Finally, some countries choose to use communism as their economic system. Communism is based off of the principle that the government should operate and direct almost all enterprises. Clearly, these three economic systems are very different in the way that they operate. In this paper, I am going to compare and contrast the three types of economic systems: capitalism, socialism, and communism. Capitalism, also known as the free market system, is the economic system used by the United States. Because of capitalism, we have what are called fundamental rights. Fundamental rights are rights that the people have because of living in a capitalist economy. Capitalism gives the right to own a business and to keep the profits that are earned after taxes have been taken out. This means that if you earn money from a business, you get to keep it after you are taxed by the government. Obviously,...
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...Capitalism vs. Communism Throughout history, there have been many systems developed in order to have a better society. Two of the most analyzed, and debated systems that have tired to change an economy for the best are communism, and capitalism. Communism, and capitalism have been compared on many levels, such as why they will or will not work, and which one works better. Throughout this essay I will concentrate on the differences, and similarities of how each operates, along with the benefits, and problems that each of them produces. Both of these economic systems theories came about around the same time, in the late 17th to mid18th centuries. One of the main contributor for capitalism was Adam Smith, writing The Wealth of a Nation in 1776, and Karl Marx for communism publishing the Communist Manifesto in 1848. These both were looked as a manual or guide for achieving such advancements. Communism called for the people to not be selfish and work for the benefits of the community rather for their well being. It asks them to see that what benefits the whole, benefits themselves. Capitalism on the other hand is focused on working for individual growth, and personal ownership to provide wealth for one's self. Communism plans to have a higher power or government control the economy to create a better way of living, by which all goods are equally distributed. As capitalism wants the government to not play a big role in the system, but instead wants it to be up to private ownership...
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...of Contents 1, Introduction of economic systems 2, the analysis of capitalism 3, Example of capitalism: the U.S. 4, the analysis of socialism 5, Example of socialism: China 6, the analysis of communism 7, Example of communism: North Korea 8, my favorite one is socialism 9, Conclusion There are three main economic systems in the world which are capitalism, socialism and communism. Nowadays, most developed countries are capitalism and they have certified that capitalism is better; the greatest developing country which owns the second high GDP in the world, China, is socialism, it seems that socialism is not bad; only a few countries are still communism like North Korea which has a low economic increment speed. Different systems have their own advantages and disadvantages, so it is necessary for the government to figure out which one is suitable for their countries. “Capitalism is an economic system that is based on private ownership of the means of production and the creation of goods or services for profit. Competitive markets, wage labor, capital accumulation, voluntary exchange, and personal finance are also considered capitalistic (Wikipedia).” Capitalism can greatly promote economic development, this is the main feature of capitalism. The necessary material of human is produced by human labor, the purpose of economic activity is to save labor time which is also the greatest feature of capitalism. Through the establishment of guarantees of social capital commenced...
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...With reference to source C and D and your understanding of the historical context, which of these two sources is more valuable in explaining why Lenin replaced War Communism with the New Economic Policy in 1921? (25) It is evident from the dissatisfied tone in source C that the toilers regarded War Communism in 1921 as a huge problem. In referring to the published programme headed ‘’What are we fighting for?”, the sentence ‘’At last the police baton of the communist autocracy is smashed’’, shows the disappointment with the communists, as they had hoped for a more successful outcome. Thus by the tone in source, furthered by the programme outlining the reasons why they were unhappy, source C gives a suggestion as to why Lenin replaces War Communism with the New Economic Policy (NEP). This is because during the war in 1921, the requisitioning of food from the peasants in order to feed the red army as well as ensuring the cities where the workers were located were properly replenished, created an aggressive peasant resentment, as they denied soldiers food. As a result of this, many physical interactions between the people occurred causing the Bolsheviks to loose support. This can be regarded as valuable in explaining why Lenin replaced War Communism with the NEP as it is evident that this is the reason why industry and production ground to a halt with production in heavy industry falling to nearly 20% of its 1913 levels, food production falling to nearly a third and a breakdown...
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...Capitalism & the Invisible Hand Throughout the history of civilization have been two forms of social administrations: Individualism which has taken the form of capitalism and collectivism which has taken many different forms, each form different from one another, such as socialism, communism, nazism, and etc. Capitalism is an economic system in which most of the means of production and distribution, such as businesses or factories, are not owned by the government but by the private individuals who operate them for profits. (“13b. Comparing Economic Systems.”) In the center of the free-market capitalism is the individual who has four basic rights: • The right to own private property. • The right to own a business and to keep the profits made by operating his business. • The right to freedom of competition. • The right of freedom of choice. (Nickels, Understanding Business) On the other hand, socialism is an economic system that calls for putting most of the means of production in the hands of government which will share the wealth and income more equally among people.( Nickels, Understanding Business) The main goal of socialism is to narrow the gap between the rich and the poor. Thus, the government has the responsibility to evenly distribute the wealth in order to make the society just and fair. (“13b. Comparing Economic Systems.”) An individual attempts to become wealthy, which explains why his focus is only on profits, but to achieve this goal he has to exchange...
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...Macroeconomics May 13, 2014 The Two Economic Systems Throughout history there have been two basic forms of social organization: collectivism and individualism. To briefly define each one is to say capitalism is an economic and political system in which all the means of production and distribution are privately owned and operated within a free market society. On the other hand Socialism is an economic and political system in which all the means of production and distribution are collectively owned and operated by all members of a society. In my opinion, both systems, in their purest form, have their pros and cons. Capitalism promotes a free market system whereby citizens are practically free to create almost any product or provide almost any service and ideally start their own business to make their own profits. One of the main selling points of capitalism is that it’s a system that primarily self-regulates. It’s meant to keep prices and the quality of products and services at least half way decent. Of course it doesn’t always work out that way, but that’s the general idea. Another wonderful thing about capitalism is that it aims to preserve economic freedom from excessive government control. However, there is always at least some government regulation involved, as there should be in my opinion. Though most hardcore capitalists believe in the French expression Laissez-Faire, which means “leave it alone.” They hold to the idea that if government would...
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...Communism vs. Capitalism In Karl Marx's Communist Manifesto, he describes the Communists as the party that "fights for the interests of the working class"(136), while in a Capitalist society, the "living person is dependent and has no individuality-----only capital is dependent and has individuality"(84). That is not the case of today's society once you take a closer view at the comparison and contrast of communist Vietnam versus the democratic United States of America through their economy systems, educational systems, judicial systems, and the life style of their citizens in general. In a capitalist, democratic nation such as the U.S., freedom gives us just about everything and anything that the Vietnamese do not have under their communist government. Contrary to what Karl Marx has written in his manifesto, the living people of a capitalist nation (i.e. USA) of today are more independent and possess more individualities than ever. Economic-wise, Americans are the most progressive people in the world. The U.S. government is not directing the flow of its economy, but the individual businesses of its people are. These people have all the rights in the world to improve their businesses, as long as they are conducting them under the legal guidelines of the government. Such freedom in a capitalist society gives the Americans much greater advantages over the Vietnamese in improving economic conditions. When we touch upon the subject of education, only eighty percent...
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...and the Proletarians, calls the proletarians to recognize the harsh treatment of the bourgeois towards them. The bourgeois are the land owners that are only worried about the amount of money that they are able to make at the expense of the lower proletarian class. Marx and Engels make their point by comparing these two classes to the older feudal system in which the higher classes survived off the lower classes; however, this modern bourgeois class is abusing the work done by the proletarian class and treating them as just the power to make the modern machines run, nothing more. The proletarian class is the larger of the two classes by being the mass workforce, yet the bourgeois class “must feed them instead of being fed by them”. The proletarian must continue to work and increase capital for the bourgeois, otherwise if they do not there will no longer be a market for their work, therefore, putting them out of work. This starts the basis of why the Communists call to reform over the capitalist way of life. In the next section, Proletarians and Communists, this document shows the common goal that proletarians and Communists share. Capital is what drives the bourgeois class. Communism challenges the bourgeois class by proposing to eliminate the social power that they hold over the proletarians. This section also defends the communist ideals from the misunderstood objections of the bourgeois, mainly being about property and education. The elimination of personal...
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...an attempt to trade how basic attitudes, approaches, beliefs, ideas, and values concerning economics have changed over time. The articles being examined are (1) The Wealth of Nation by Adam Smith, (2) The Communist Manifesto by Karl Marx and Friedrich Engels, and (3) Japan’s Gross National Cool by Douglass McGray. The Wealth of Nations was published in 1776 and will represent the earliest of the works being examined here. Smith explains economic principles such as self-interest, supply and demand, and free marketplace. From this work we see the unraveling of capitalism and the paradigm of free trade. This work set the premise for many works to follow, including The Communist Manifesto. The Communist Manifesto is an influential political manuscript that outlines the problems with capitalism and the struggles between classes. Communism is trumpeted here, as well as conditions necessary for a transition to communism. This work was written in 1848 and represents a stark contrast to The Wealth of Nations in principle and in theory. Much has resulted from this manuscript and its ideas as can still be seen in the world today. Lastly, Japan’s Gross National Cool represents modern economic thought. Written in 2002, its basic thesis is that Japan is becoming a superpower again, but it is not becoming a military superpower (being kept out of the Security Council) or an economic superpower (having the same credit rating as Botswana). Instead, it's becoming a superpower of mass culture...
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...Sociology 100 – Key theorists Bauman, Zygmunt (1925– ) A Polish-born sociologist who was expelled by the Communist government of Poland and dismissed from Warsaw University. He left Poland in 1968, working in Israel (and briefly in Australia) and then in Britain, at Leeds University. Bauman is a prolific and highly influential writer whose work extends beyond academic sociology. His study of contemporary ‘liquid’ society and postmodernity, and the ethical and moral consequences of living in such a society, have made him one of the most influential social theorists of modern times. Liquid society – postmodernity, ethics and moral consequences. Bourdieu, Pierre (1930–2002) A French sociologist and anthropologist whose work attempted to deal with how people contribute to their own domination. Developing the concepts of ‘habitus’, ‘cultural capital’, and ‘field’, Bourdieu examined processes of subordination and resistance in a number of areas of social life, including education, art, literature, language, television, and the globalised economy. Bourdieu’s most famous book is Distinction: A Social Critique of the Judgement of Taste (1984). Globalised economy, subordination and resistance in social life. ‘Culture capital’ Burke, Edmund (1729–97) An English politician and writer, often seen as the father of modern conservatism for his hostile reaction to the chaos and violence of the French Revolution. For many, his defence of tradition and individual liberty is...
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...Romania’s Post Communism Accounting Practices and The Effects of Adapting IFRS for SMEs Abstract Romania, located in southeastern European, was heavily influenced by the Russian Soviet Union as a socialist republic between 1947 and 1989. With becoming a capitalist country in 1989, its accounting practices began its transformation. The purpose of this paper is to analyze Romania accounting practices post its revolution. The paper discusses three major accounting practice conversions made in Romania post communism. Included in this paper are comparisons of previous practices and the implications presented within each practice; along with the pros and cons and many challenges that are associated with the adaptation of International Financial Reporting Standards (IFRS) for small and medium-sized entities (SMEs). Romania’s Post Communism Accounting Practices and The Effects of Adapting IFRS Romania is country located in southeastern Europe and is the ninth largest country of the European Union. Between 1947 and 1989, Romania was controlled by the Russian Soviet Union and enforced by communism. Today, reported in its 2011 Census, Romania’s currently has a population of 21,390,000 people and a gross domestic product (GDP) of $179,793,512,340. Though now considered as an upper-middle income country by the World Bank, Romania has faced many transitions from communism to capitalism over the course of the past three...
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...and how did they compare to those in the United States? Research Question Expanded: What economic, political and social factors were present in South Africa and the United States during the 1940s-1960s; what the differences were present in South Africa’s Apartheid protests and the Civil Rights Movement that were happening in North America during 1954-1968. Introduction A. Opening Sentence: Introduce the topic of the paper with the Apartheid and the anti-Apartheid movements, with specific dates, which will guide the reader into the research question and thesis. B. Narrowing Statements: Discuss the origins of the Apartheid and discuss the racial segregation in both the Apartheid and the Civil Rights movement; pose the research question comparing and contrasting the anti-Apartheid movements with the Civil Rights Movement in the United States. C. Thesis: Introduce the thesis, the argument which will be proven using historical facts. (Currently do not have a completed thesis and will be attending the writing center to help narrow down my argument.) Body Paragraph A. Anti-Apartheid Protests: one of the components of the thesis, will utilize facts through primary and secondary sources to support the argument. The specific era discussed in the paper will give the reader a deep look into the segregation, massacres and laws enforced during the Apartheid era. B. Historical evidence will be broad, and not specifically targeting the violence and the massacres during the Apartheid; but as...
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...| | |Comparing and Contrasting Economic Systems | | | | | |Introduction to Sociology | | | | | |The Industrial Revolution changed |How it changed the economy |1900 and Today | |The number of people employed in industrial |The use of machines began to spread throughout |Implementation of the production line | |manufacturing (textiles, iron goods, metal, |the world | | |pottery, etc.) ...
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...many options such as socialism, democracy, capitalism, communism, or liberalism. Everyday Life in The North Korean Revolution, 1945-1950 by Suzy Kim, North Korea Markets and Military Rule by Hazel Smith, and other articles demonstrate if it is true or not. By looking...
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...Adrienne Korson Marxism: For and Against Marxism is essentially a critique of Capitalism. In order to understand Marxism, one needs to evaluate the history of Marxism. Heilbroner described Marxism as being “inescapable” (Heilbroner, 15). Marxism is credited with the contribution for uncovering an unsuspected level of reality beneath the surface of capitalism. His mode of inquiry for uncovering the hidden reality of capitalism is through his own invented process of socioanalysis. Because of Marx’s legacy of revealing the reality of capitalism, Heilbroner compares him to Freud and Plato, all whose works are inescapable for the truths they have unveiled. Freud and Plato both unveiled hidden realities. Marx shared a further similarity in the sense that his “combination of insight and method permanently altered the manner in which reality would thereafter be perceived” (Heilbroner, 17). Marx’s works in his book Capital is still more relevant today than Adam Smith’s renowned work Wealth of Nations. Marx‘s book placed importance on technology and crises and social tension, and more importantly, undertakes the task of critiquing the political economy. However, the problem of Marxism is within trying to define it. Heilbroner believes that there exists a set of premises that can assist in defining Marxist thought, “so that any analysis that contains these premises can be properly classified as Marxist” (Heilbroner, 20). There are four main premises as described by Heilbroner; the...
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