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Economic Systems, Logan Nirenberski (Command/ Socialism (Summary: Controls…
Economic Systems, Logan Nirenberski
Command/ Socialism
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Pros: -Government can focus on one goal. -Easier to decide on something. - Very controlled and non chaotic country.
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Mixed
Summary: Government tries to balance between quality of life and encouraging economy. Decisions are completely up to yourself.
Pros: -Government can protect environment, its workers, and the consumer. -More rights and decisions allowed for a person.
Cons: -Government can strike the wrong balance. -Government can fail to protect the people especially people who are poor.
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Capitalism/market
Summary: Government controls little of the industries and provides only the necessities and people can own a lot or very little money..
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Cons: generally avoid protecting environment or increase social services and nobody can catch you if you lose a lot of money.
State run Capitalism: State run Capitalism means that the government owns and operates large companies to generate profit and to make themselves very very very wealthy. The best example is china.
Advantage: Make economic improvement and growth very fast and very effective. China has improved the quality of life to over 300 million people in just 30 years.
Disadvantage: Lack of rights for freedom of speech, lack of democracy.
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