Capitalistic nations such as Japan, Germany, South Korea, and Brazil have systems similar to ours. But, as you know, not every country operates within a private enterprise system. Many other nations live with in socialist or communist economic systems.
Socialism is an economic system that depends heavily on the government to plan and make economic decisions. Under socialism, the government owns and controls important economic resources and industries, such as communications, transportation, minerals, utilities, and major manufacturing. Classic examples of a socialist nation are Holland, Spain, New Zealand, Norway, Ireland, and Australia.
Socialist claim there are several advantages to their economic system. First, they say their system distributes personal income more equally and thus provides the masses with a higher standard of living. Socialist also claim that a socialist government can better care for the people´s welfare. In a socialist system, many things such as college education, health care, public transportation, and housing are offered free or more cheaply than in a capitalist system.
In contrast a free college education would be nice, but in many socialist nations, the average personal income tax rate is somewhere around 45%. The highest personal income tax in the United States is about 36%.
Communism describes a socialist economy ruled by a single political party where all industries are resources are owned by the government. Communism is based on the economic and political doctrines of Karl Marx, a German political philosopher who died in 1883. His goal was to create a slassless society. In contrast to capitalism and socialism, communism offers people few economic freedoms. North Korea, Vietnam, and Cuba are communist nations. Many communist nations have undergone massive reforms of their economic systems. These reforms have and will continue to have an impact on our world economy. Businesses will intergrate themselves into the world economy through economic alliances within other nations. People who had limited freedom to make economic decisions in the past will have a stronger influence on economic decisions in the future. As time progresses their will be fewer trade barriers among countries and more changes in international politics and policies
Socialism is an economic system that depends heavily on the government to plan and make economic decisions. Under socialism, the government owns and controls important economic resources and industries, such as communications, transportation, minerals, utilities, and major manufacturing. Classic examples of a socialist nation are Holland, Spain, New Zealand, Norway, Ireland, and Australia.
Socialist claim there are several advantages to their economic system. First, they say their system distributes personal income more equally and thus provides the masses with a higher standard of living. Socialist also claim that a socialist government can better care for the people´s welfare. In a socialist system, many things such as college education, health care, public transportation, and housing are offered free or more cheaply than in a capitalist system.
In contrast a free college education would be nice, but in many socialist nations, the average personal income tax rate is somewhere around 45%. The highest personal income tax in the United States is about 36%.
Communism describes a socialist economy ruled by a single political party where all industries are resources are owned by the government. Communism is based on the economic and political doctrines of Karl Marx, a German political philosopher who died in 1883. His goal was to create a slassless society. In contrast to capitalism and socialism, communism offers people few economic freedoms. North Korea, Vietnam, and Cuba are communist nations. Many communist nations have undergone massive reforms of their economic systems. These reforms have and will continue to have an impact on our world economy. Businesses will intergrate themselves into the world economy through economic alliances within other nations. People who had limited freedom to make economic decisions in the past will have a stronger influence on economic decisions in the future. As time progresses their will be fewer trade barriers among countries and more changes in international politics and policies
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