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Title: Compare and contrast the economic models of capitalism and socialism. Post by: jenloe1988 on Mar 10, 2015 Compare and contrast the economic models of capitalism and socialism. Use the ideas of Adam Smith and Karl Marx in your answer. Using the United States and China as examples, tell how capitalism and socialism affect each country's economy citing specific examples.
Title: Re: Compare and contrast the economic models of capitalism and socialism. Post by: grichman on Mar 10, 2015 Capitalism- natural resources and means of producing goods are privately owned ex: America is capitalist but not all the way because the government plays a large role in the economy
Socialism- natural resources and the means of producing goods are collectively owned ex: Peoples Republic of China, North Korea, place wealth generating property under gov. control Capitalism : Private ownership property, Pursuit of Personal Property, Competition and Consumer Choice Socialism : Collective ownership of Property, Pursuit of Collective Goals, Government Control of the Economy |