Economy Assignment

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.

 Differences:

Socialism is a left wing government, for the people, all people get same wages, same living conditions, medical services etc provided by government
Pro: People get even amount of money.
Con: Someone has to work, and if some people dont they still get some money that they dont deserve.

Communism, is like socialism in its ideas, but it is extreme left wing (for the people), and involves dictatorships and single party control, sharing of economy etc.

Pros: The same standard for everyone, there is little crime because the law is strictly enforced, eliminates local cultures, and a lot of communist countries invest in education.

Cons: Too much focus on the group, instead of the individual, no personal freedoms.

Capitalism is right wing government, where people work for themselves, and it runs on competition. Democracy is a type of capitalism.

Pros: Promotes economic growth by providing an open competition in the market. It provides individuals with far better opportunities of raising their income and thus achieving economic growth.

Cons: Capitalist economy can give rise to unfair competition.