Economic Systems: Capitalism, Socialism And Communism

REFLECTIVE ESSAY ON THE THREE ECONOMIC SYSTEMS: CAPITALISM, SOCIALISM AND COMMUNISM by Student’s Name Class/Course/Code Professor’s Name University/School City, State Date Reflective Essay on the Three Economic Systems: Capitalism, Socialism and Communism Nation’s economic system plays a crucial role in distributing the country’s trade goods, resources, and services. Hence, the decision to select the economic system is critical for the political authorities due to the distribution of power and equal resources (Moss, 2008). In this manner, the reflection highlights the fair economic system among communism, socialism, and capitalism in my opinion, with certain facts from the past researches. Reflection I believe that socialism is the fair system between communism and capitalism because socialism encourages centralized planning and fair treatment with each individual in the society, whereas the communism and capitalism prefer the centralized power the government and the private dealership. The research by Moss (2008) highlights that socialism motivates individuals to participate in decisions making along with the government related to employment opportunities, trade and pricing structure of goods. This process significantly manages the issue of non-equality in the economic system. However, the communism system strictly prohibits private ownership and provides overall authority to the government for the distribution of resources (Perry et al., 2012). Other than that, capitalism is the most admirable economic system in western states because it promotes free competition and provides more power to the private ownership through which, they can decide the pricing structure of the products (Galbraith, 2017). By overviewing each economic system, socialism is the most appropriate system to eliminate the gap between poor and rich with fair treatment for every individual. In case of Iowa State Fair, the primary goal of socialists is to promote the democratic practices and socialism against the private ownership in America because this agend...