Economic Theories
Jeremy Bossert
Captitalism
Who owns the means of production?
The free market.
Who makes economic decisions?
The free market.
Is there competition and/or profit?
Yes, profit for people, and competition among businesses.
Examples of capitalist countries?
The US, the UK, Canada, and Austria are a few.
Socialism
Who owns the means of production?
The people use the government for production.
Who makes economic decisions?
The government.
Is there competition and/or profit?
Wealth is distributed equally.
Examples of capitalist countries?
Bangladesh, India, and Guyana are some.
Communism
Who owns the means of production?
The government.
Who makes economic decisions?
The government.
Is there competition and/or profit?
No competition between businesses because gov. owns/runs them all.
Examples of communist countries?
China, Cuba, North Korea, and formerly Russia are some.