Economics question?
What are the similarities and differences between socialism, communism, capitalism and mixed economy
Answer:
Socialism is a social and economic system which involves collective ownershipof the means of producing and a major role for the state in the provision of services which can improve people's welfare.
In its extreme form, it dominated the centrally planned economies.
In its social democratic form, it has been an important underlying principle for a number of left-centre political parties of Western Europe.
Communism is an extreme form of socialism (similarity) as it also underpins centrally planned economies, and only those (difference)
Capitalism is the system in which the price mechanism is used to determine how resources are allocated.
Again the extreme alternative to capitalism is centrally planned economy (i.e. socialism, communism- similaity).
Mixed economy- one in which there is both a public and a private sector. Differences between mixed economies and the ones explained above are obvioous (private sector)
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Answer:
Socialism is a social and economic system which involves collective ownershipof the means of producing and a major role for the state in the provision of services which can improve people's welfare.
In its extreme form, it dominated the centrally planned economies.
In its social democratic form, it has been an important underlying principle for a number of left-centre political parties of Western Europe.
Communism is an extreme form of socialism (similarity) as it also underpins centrally planned economies, and only those (difference)
Capitalism is the system in which the price mechanism is used to determine how resources are allocated.
Again the extreme alternative to capitalism is centrally planned economy (i.e. socialism, communism- similaity).
Mixed economy- one in which there is both a public and a private sector. Differences between mixed economies and the ones explained above are obvioous (private sector)
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