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The Roles Capitalism and Socialism Play: Economic and Political System (Essay Sample)


This class is a BUSINESS ETHICS CLASS I did not see that a choice. I have used you guys more than 4 times, hopefully this is not an issue. only 2-3 paragraphs.
- additionally try and use own words
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 whereas socialism is a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
- In this assignment, you will define the roles capitalism and socialism play along with the pros and cons of each.
In two to three (2-3) paragraphs:
Briefly define, in your own words, the concepts of capitalism and socialism. Then list three pros and cons of each.
The specific course learning outcomes associated with this assignment are:
- Determine the considerations for and process of ethical business decision making to balance corporate and social responsibilities, and address moral, economic, and legal concerns.
- Analyze selected business situations using the predominant ethical theories, such as utilitarian, Kantian, and virtue ethics to guide ethical business decision making.
- Use technology and information resources to research issues in business ethics.
Write clearly and concisely about business ethics using proper writing mechanics.


The Roles Capitalism and Socialism Play
Student’s Name
The Roles Capitalism and Socialism Play
Capitalism and socialism are the two major economic systems that are used by countries presently. Capitalism is an economic system where individuals and companies own and control factors of production. The core principles of the system include economic freedom, competitive markets, private property, and profit motives (O'Connor, 2004). The success of capitalism relies to a great extent on the free market economy, where government interference is minimal.
On the other hand, socialism is a system where the production factors, including natural and capital resources, are owned by the public. Under this system, the government maintains ownership of key capital resources like factories as well as natural resources such as oil. According to O’Connor (2004), socialism emphasizes on labor rights such as favorable working conditions and fair wages.

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