Week 4 Assignment – The Role of Capitalism

Overview

Capitalism is an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state. Socialism is a political and economic theory of social organization that advocates for the means of production, distribution, and exchange being owned or regulated by the community as a whole (1). Understanding the difference between capitalism and socialism will help you understand how these economic systems impact how resources are collected and distributed within society, which is connected to that society’s system of work. In this assignment, you will write an essay discussing how capitalism and socialism function in different countries.

 

Preparation

Choose one capitalist country and one socialist country from the following lists:

 

Capitalist Country

 

US

UK

Japan

Socialist Country

 

China

Cuba

Venezuela

Instructions

After choosing your countries, use the corresponding library guide to research your chosen countries and then write a one-page essay in which you do the following:

 

Explain the concepts of capitalism and socialism in your chosen countries.

Compare and contrast capitalism and socialism in your chosen countries with supporting definitions, explanations, and examples.

Identify three pros and three cons for both capitalism and socialism in your chosen countries.

The specific course learning outcome associated with this assignment is:

 

Examine the role capitalism plays in corporate decision making.

Sources

1. William H. Shaw. 2014. Business Ethics: A Textbook with Cases. Wadsworth, Cengage Learning 8th edition textbook.

 

Download the Library Guide by clicking the following link:

 

Library Guide PDF

Assignment Help Video: Assignment 2 Help Video

 

Interactive Assignment Walkthrough

 

If you’d like to work on your assignment while watching the help video, click on the interactive video below. As you watch the video, you’ll be able to answer the questions along the way. After you have answered each of the questions and reach the end of the video, you will then download a Word document with your answers. Then you will submit your completed document to Blackboard for grading.

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