Define capitalism and socialism and provide examples of countries for both structures.
Watch this video with Steve Forbes of Forbes Media.
Transcript
Prior to beginning work on this discussion, Read Chapters 1 and 2 of Macroeconomics: Private and Public Choice.
Read Chapter 7 of Popular Economics: What the Rolling Stones, Downton Abbey, and LeBron James Can Teach You About Economics.
For this discussion, Define capitalism and socialism and provide examples of countries for both structures.
Next, discuss why capitalism and socialism are currently being spotlighted in U.S. politics giving the pros and cons to each organizational structure. Be sure to be specific and give supporting facts, not just opinions.
Finally, address the question: Does capitalism create wealth inequality and is this necessarily a bad outcome?
Your initial response should be a minimum of 200 words. Graduate school students learn to assess the perspectives of several scholars. Support your response with at least one scholarly and/or credible resource in addition to the text.
Answer preview to define capitalism and socialism and provide examples of countries for both structures.
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