MS. JONES'S AMERICAN HISTORY
Economic Systems Compare and ContrastCommunismCapitalism Socialism What it Looks LikeAdvantages Disadvantages50349156985Private property Free market Gov’t regulation, not ownership00Private property Free market Gov’t regulation, not ownership26168356985Gov’t owns major businesses and/or services Private property allowed00Gov’t owns major businesses and/or services Private property allowed25673053491230No private propertyFarming communesFactory cooperativesAll share in profits/decisions00No private propertyFarming communesFactory cooperativesAll share in profits/decisions50920653267075Relative equality No extremes of rich or poor “Social safety net”00Relative equality No extremes of rich or poor “Social safety net”50152306546215High taxes Lots of gov’t bureaucracyOften ineffective00High taxes Lots of gov’t bureaucracyOften ineffective26377906354445Incentive to work Can keep most of your wealth00Incentive to work Can keep most of your wealth247656985Prices of services kept low Universal health care, transportation00Prices of services kept low Universal health care, transportation247653411855Extremes of wealth & poverty00Extremes of wealth & poverty247656583045Lack of individualismLittle work incentiveEasily corrupted by greed00Lack of individualismLittle work incentiveEasily corrupted by greed ................
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