Discuss the benefits and problems of capitalism and socialism, and evaluate which system provides the greater overall benefits to society

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06-09-2022
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Discuss the benefits and problems of capitalism and socialism, and evaluate which system provides the greater overall benefits to society

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topeadeniran2 topeadeniran2 · Answer 1 · 2022-09-08T17:21:42-04:00

It should be noted that in socialism, the economic activities are carried for social gains and personal interest insignificant.

What are the advantage and disadvantages of the economic systems?

Among capitalism's benefits are:

Consumer choice, economic efficiency, and goods and services created in response to demand all encourage cost-cutting and waste reduction.

Development and growth of the economy As a result, the gross domestic product rises and living standards rise.

Among the drawbacks of capitalism is:

Possibility of a monopoly - Companies having monopolistic power (occurs when one person or company is the sole supplier of a given good) may abuse their position by imposing higher pricing.

Inequality - The foundation of a capitalist society is the ability to transfer wealth to succeeding generations. Inequality and social division result if a small number of people control all the wealth, and that wealth is then passed down to the same groups of people.

Pros of socialism

Reduction of relative poverty.

Diminishing marginal utility of income.

Cons of socialism

Lack of incentives.

Government failure

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What are the advantage and disadvantages of the economic systems?

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