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Socialism
and capitalism are components of economic system, capitalism in an economic
system means process of production considered by the private individuals and
economy runs on personal and operating private companies. The capitalism is
referred to owning of private companies for the production
Advantages
1.
In capitalism the economy is efficient and
provides higher levels of GDP.
2.
The performance of capitalism increases with
economic efficiency, economic stability, income distribution, and economic
growth.
3.
Socialism provides number of theoretical
benefits that are related to justice as well as idea of social equality
4.
The prices are controlled, and unemployment can
be tackled in socialism.
Disadvantages
1.
Capitalism induces negative externalities for
diminishing of resources that are particularly non-renewable resources.
2.
The nature of capitalistic system is cyclical
that depends on the disproportion of wealth and income distribution
3.
The disadvantages of socialism consider the slow
economic growth, les competition, potential lack of motivation, and
competition.
4.
The economic liberals consider the private
ownership and the production rights are provided based on freedom and liberty
Reference
Courses. lumenlearning. com. (2018). Businesses
Under Socialist Systems. Retrieved from courses.lumenlearning.com: https://courses.lumenlearning.com/boundless-business/chapter/businesses-under-socialist-systems/
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