Essay about Comparative Economic Systems - 791 Words

Comparative Economic Systems Governments have built up and founded on many different ideas, systems, and â€Å"what’s right and wrong.† Each country directs certain ideas on what’s right, and what works for them, some can be very successful, but at the same time all have flaws. In this comparative paper the differences and similarities of capitalism, socialism, and communism are going to be addressed. In the end I will form my personal opinion of which I prefer.In a communist world everyone would have food, shelter, and no one would be above another. In this perfect utopia society all would have a fair chance. This was the belief of a man named Vladimir Lenin. In 1917 Lenin over threw the government of Russia, in it’s place†¦show more content†¦Most socialist societies are democracies in which elected officials direct the allocation of resources in key industries. Some similarities between the three are that socialism and communism are supposed to apply by all power being shared by everyone ideally getting out what they put in proportionally, but communism and capitalism are the exact opposites. Some differences between the three would be that capitalism is the ownership and control of the means of production. Also have freedom which gives consumers the opportunity to purchase the goods and services that best satisfy their preferences; while in a communism society all individual freedom is lost, making socialism less efficient than communism.Something that drew up project, embraced trade, industry, agriculture, education, and public health was the Gosplan. Gosplan is the official planning organization. Something capitalism used was state farm; which provides coverage for automobiles, homes, businesses, and individuals. An economic policy that adapted in the former Soviet Union was perestroika, is what communist called it; it’s the fundamental restructuring of the economy and government. Under the restructuring, five-year plans were retained, but the various ministries of production were to be converted to efficient, state owned enterprises that would complete in a market economy.A well know communist was Karl HeinichShow MoreRelatedEssay about Comparative Economic Systems1244 Words   |  5 PagesComparative Economic Systems Capitalism is the economic system found in the United States, Japan, and Germany that are based on private ownership of productive property. Items are known as productive since their use can produce other objects of economic value, income, or money. Things such as a worker’s tools, a farmer’s fields, or a factory’s machine can be considered as productive property. 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