Christine Louise S. Lacanaria 2-Xavier TYPE| DEMOCRACY (CAPITLISM)| COMMUNISM| SOCIALISM| DEFINITION| an economic system based on the private ownership of capital goods and the means of production, with the creation of goods and services for profit . There are multiple variants of capitalism, including laissez-faire, welfare capitalism and state capitalism. from Latin communis – common, universal is a revolutionary socialist movement to create a classless, moneyless and stateless social order structured upon common ownership of the means of production, It is where everyone is equal where as if one gets everybody must also have it| refers to an economic system characterised by social ownership of the means of production and co-operative management of the economy. ”Social ownership” may refer to cooperative enterprises, common ownership, state ownership, or citizen ownership of equity| CHARACTERISTICS| Private property-the right to own resources and bequeath property.
Freedom of economic choice-work/not work, spend/not spend. Government should let markets be with a hands-off philosophy. | A theoretical economic system characterized by the collective ownership of property and by the organization of labor for the common advantage of all members. A system of government in which the state plans and controls the economy and a single, often authoritarian party holds power, claiming to make progress toward a higher social order in which all goods are equally shared by the people. | are economic systems that emphasize public ownership and heavy government influence in economic affairs.
As a political system, socialism emphasizes co-operative work for the common good, a uniformed class system, and reductions of hierarchy in both economics and politics. | GOVERNMENT| The government and the leader is chosen by the people and almost everyone or majority of the people can vote for the leader| The party is chosen by the people, where as the party choses the leader or the president of the country. | Democratic elections don’t exist and in theory all members in power are equal. The ruling party often establishes its rule by force.
Capitalism is portrayed as the best of all possible systems, with socialist ideology barely mentioned and almost always misrepresented as the philosophy of the ill-fated Soviet Union| those under 18 are legally considered “children”, adolescents under socialism will be taught from an early age to become active participants in the industrial government, to make informed and rational decisions and be treated with far more respect and offered far greater freedom and trust then the teens of today are, who are usually treated as little more then the property of their parents with few decision making opportunities of their own. ECONOMY| shift decision-making power from corporate shareholders to a larger group of public stakeholders that includes workers, customers, suppliers, neighbors and the broader public. No single definition or approach encompasses economic democracy, but most proponents claim that modern property relations externalize costs, subordinate the general well-being to private profit, and deny the polity a democratic voice in economic policy decisions| is also known as the planned economy. In a communist economy, it is fully operated by the government.
There are only state owned and controlled businesses. The government answers all the fundamental economic questions. | is heavily planned, self-managed and state-directed. Rather than allowing market forces to determine where the economy should go, public officials decide which industries resources should be allocated toward. Production is both managed and controlled by the state. | EXAMPLES| Georgia, Lebanon, Israel, India, Bangladesh, Thailand, Japan, South Korea, Taiwan, Cambodia, Philippines, Malaysia, Australia, New Zealand| Nepal and Cyprus| China, Canada , Cuba, Vietnam|