With the help of your textbook and Ch 23, please explain the differences among capitalism, socialism and communism. Then explain the pros and cons that each hold.
Capitalism- investment in and ownership of production, distribution, and exchange of wealth is made.
a pro is the economic growth by providing an open competition in the market (pro).
a con is the capitalist economy can give rise to unfair competition (con).
Socialism-vesting of the ownership and control of the means of production and distribution.
a pro is everybody equal in economic, social, and political terms (pro).
a con is wealth of the richest members of society yet it does not eliminate poverty (con).
Communism- is the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state.
a pro is everyone is equal, everyone is employeed, and there is very little crime becouse of strict laws (pro).
a con is that every one belongs to the goverment, there is no rights of freedom, and strict laws enforced on the people (con).
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