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This article examines the transition from capitalism to socialism within the context of a mixed economy, highlighting the significant role government involvement plays in economic regulation. It outlines key characteristics of socialism, such as state ownership of production, central planning for economic questions, and income distribution efforts. Examples of mixed capitalist systems, including the U.S. Postal Service and Medicare, illustrate how socialism can coexist within capitalism. The discussion emphasizes that the spectrum of socialism is determined by degrees, inviting a deeper understanding of this complex economic landscape.
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What Changes our Capitalism into Socialism? Economic system mixed with government involvement/regulation • U.S. Postal Service • Amtrack • Medicare, Medicaid • AFDC • Social Security • Unemployment Compensation • FTC • EPA BRINGS US TO A MIXED CAPITALIST SYSTEM
What is SOCIALISM? • State ownership of means for producing goods and services. • A Socialist economy has 3 basic characteristics: 1.State owns major factors of production 2.Central planners determine many of the three basic questions 3.There is an attempt to distribute income equally. As in all 3 basic economies… socialism is determined by degrees…explain!