SOCIOL 103 Chapter Notes - Chapter 12: Tertiary Sector Of The Economy, Secondary Sector Of The Economy, Capital Flight

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11 Apr 2014
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Types of economic systems: capitalism and socialism. Capitalism: capitalism is an economic system in which the means of production are privately owned. In capitalist theory, such competition helps ensure the best products at the lowest prices, again benefiting society as a whole. Such competition also helps ensure that no single party controls an entire market: according to smith, the competition that characterizes capitalism should be left to operate on its own, free of government intervention or control. Because of this view, individuals do not compete with each other for profit; instead they work together for the good of everyone. If under capitalism the government is supposed to let the economy alone, under socialism the government controls the economy: the ideal outcome of socialism, said marx, would be a truly classless or communist society. In such a society all members are equal, and strati cation does not exist.

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