Textbook Notes (290,000)
CA (170,000)
McMaster (10,000)
COMMERCE (2,000)
Chapter 2

COMMERCE 1B03 Chapter 2: Chapter 2: pg 3


Department
Commerce
Course Code
COMMERCE 1B03
Professor
Rita Cossa
Chapter
2

This preview shows half of the first page. to view the full 1 pages of the document.
Understanding Socialism
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 the people.
They believe the government should be the agency that carries out the distribution and be much
more involved in protecting the environment and providing for the poor.
Positive
Negative
There’s supposed to be social equality.
Gov. taxes the wealthier, and
redistributes to poorer people through
gov. programs.
Workers get longer vacations, more
benefits
Takes away business peoples incentives
to work hard, as their profits are heavily
taxed
Doctors, lawyers, and other tend to leave
to capitalist countries due to lower taxes
Brain Drain: Loss of educated people to
other countries
Workers may not work as hard if they all
get the same benefits regardless.
Less innovative.
Understanding Communism
You're Reading a Preview

Unlock to view full version