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Analysis of Socialism and Communism -Economics-

Analysis of Socialism and Communism -Economics-. By Carol Choi. Socialism. An economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be evenly distributed among people

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Analysis of Socialism and Communism -Economics-

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  1. Analysis of Socialism and Communism-Economics- By Carol Choi

  2. Socialism • An economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be evenly distributed among people • Private businesses and individuals are taxed steeply for social programs

  3. Benefits • Social equality • Equality of outcome than capitalism • Take income in forms of taxes from wealthier people • Longer vacation, work fewer hours per week, more employee benefits

  4. Negative Consequences • Take away incentives of workers • High taxes: Doctors, lawyers, business owners • Leave socialist countries for capitalistic countries • Brain drain: loss of best and brightest people to other countries

  5. Communism • An economic and political system in which government makes almost all economic decisions and owns almost all the major factor of production • No freedom

  6. Problems • Government has no way of knowing what to produce • Prices don’t reflect supply and demand as they do in free markets • Government does not know the economic needs of people • Shortages • Does not inspire businesspeople to work hard

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