discussing how capitalism and socialism function in different countries|My homework helper

discussing how capitalism and socialism function in different countries.

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

Capitalist Country

• US
• UK
• Japan

Socialist Country

• China
• Cuba
• Vens
• SOLUTION

• Capitalist Country: US Socialist Country: China

  In the United States, capitalism functions as the dominant economic system. This means that the economy is primarily driven by private ownership and competition. The market determines the prices of goods and services and private individuals and companies are able to make profits based on supply and demand. The government’s role is limited to regulations and ensuring a level playing field.

  In China, the socialist economic system is characterized by government ownership and control of the means of production. The government sets economic priorities and makes decisions about investment and production. While there is still a market system in place and private enterprise is allowed to some extent, the state plays a significant role in the economy and retains control over key industries such as energy and heavy manufacturing.