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Political Science
How does capitalism define progress? How does socialism define progress"?

How does capitalism define progress? How does socialism define progress"?

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How does capitalism define progress? How does socialism define progress"?
Search.. -e https://puhsd210.sharepoint.com/sites/Section_2021-1201-0900020-2 e puhsd210.sharepoint.com Capitalism vs. Socialism The economic system called capitalism developed gradually over centuries, beginning in the late Middle Ages. Because of the ways industrialization changed society, some people began to think that capitalism led to certain problems, such as the abuse of workers. They responded by developing a new system of economic ideas called socialism. Capitalism Socialism • Individuals and businesses own property and the means of production. • The community or the state should own property and the means of production. • Progress results when individuals follow their own self-interest. • Progress results when a community of producers cooperate for the good of all. • Businesses follow their own self-interest by competing for the consumer's money. Each business tries to produce goods or services that are better and less expensive than those of competitors. Socialists believe that capitalist employers take advantage of workers. The community or state must act to protect workers. • Consumers compete to buy the best goods at the lowest prices. This competition shapes the market by affecting what businesses are able to sell. • Capitalism creates unequal distribution of wealth and material goods. A better system is to distribute goods according to each person's need. • Government should not interfere in the economy because competition creates efficiency in business, • An unequal distribution of wealth and material goods is unfair. A better system is to distribute goods according to each person's need. Teams Apps Page 1 of 1 2 New conversat P Type here to search 立 田
Transcribed Image Text:Search.. -e https://puhsd210.sharepoint.com/sites/Section_2021-1201-0900020-2 e puhsd210.sharepoint.com Capitalism vs. Socialism The economic system called capitalism developed gradually over centuries, beginning in the late Middle Ages. Because of the ways industrialization changed society, some people began to think that capitalism led to certain problems, such as the abuse of workers. They responded by developing a new system of economic ideas called socialism. Capitalism Socialism • Individuals and businesses own property and the means of production. • The community or the state should own property and the means of production. • Progress results when individuals follow their own self-interest. • Progress results when a community of producers cooperate for the good of all. • Businesses follow their own self-interest by competing for the consumer's money. Each business tries to produce goods or services that are better and less expensive than those of competitors. Socialists believe that capitalist employers take advantage of workers. The community or state must act to protect workers. • Consumers compete to buy the best goods at the lowest prices. This competition shapes the market by affecting what businesses are able to sell. • Capitalism creates unequal distribution of wealth and material goods. A better system is to distribute goods according to each person's need. • Government should not interfere in the economy because competition creates efficiency in business, • An unequal distribution of wealth and material goods is unfair. A better system is to distribute goods according to each person's need. Teams Apps Page 1 of 1 2 New conversat P Type here to search 立 田
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Capitalism is an economic system that is mainly based on the private ownership of resources and the means of production. The state does make rules that should be followed but cannot impose them on the individuals to follow in the market. It promotes the minimal role of the state and the government in the market arena. 

Socialism is an economic system in which the means of production is owned by a community or social ownership. It states that all individuals are equal and the resources should be divided equally among all the individuals. 

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