Scribd
Upload
12 views2 pages

Global Economic System

The document discusses three main economic systems: capitalism, democratic socialism, and authoritarian socialism. It outlines the key features, advantages, and disadvantages of each system.

Uploaded by

John Kiere F. Cruz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
12 views2 pages

Global Economic System

The document discusses three main economic systems: capitalism, democratic socialism, and authoritarian socialism. It outlines the key features, advantages, and disadvantages of each system.

Uploaded by

John Kiere F. Cruz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 2

THE CONTEMPORARY WORLD GEC-3

MIDTERMS LESSON  WELFARE IGNORED.


 EXPLOITATION OF LABOR.
LESSON 1:
“GLOBAL ECONOMIC SYSTEM”  BASIC SOCIAL NEEDS
IGNORED
 ECONOMIC SYSTEMS
All economic systems are "mixed" 2. DEMOCRATIC SOCIALISM
economies:  Major economic resources are owned
 Capitalism by government (transportation,
 Democratic Socialism communication, and utilities). Other
 Authoritarian Socialism resources are owned by individuals.
(Communism)  Individuals maintain basic human
rights.
1. CAPITALISM  Government leadership is determined
 Economic resources are owned and through elections with peaceful
controlled by individuals. transition of leadership.
 Prices are set through the interaction of
ADVANTAGES OF DEMOCRATIC
supply and demand.
SOCIALISM
 Government has a limited role in the
economy (only for the protection of  Economic equality
society).  Low unemployment
FEATURES OF A CAPITALIST  More public goods and services
ECONOMY  Universal healthcare
 Retirement pensions
 RIGHT TO PRIVATE PROPERTY.  University education
 PROFIT MOTIVE  Meets the needs of most people.
 FREEDOM OF CHOICE
 MARKET FORCES. DISADVANTAGES OF
DEMOCRATIC SOCIALISM
 MINIMAL ROLE OF
GOVERNMENT  Redistribution of incomes
ADVANTAGES OF CAPITALIST  High taxes
ECONOMY  0 Less freedom
 Lack of incentive
 Market efficiency  Lack of motivation
 Economic prosperity  Government sets prices for
 Personal freedom Freedom of government owned resources.
choice; products, careers, location,  Government decides the
and education allocation of government owned
 Private property resources.
 Competition; lower prices, better
quality and more variety 3. AUTHORITARIAN SOCIALISM
 Lower taxes  Government owns and controls
DISADVANTAGES OF CAPITALIST the economic resources and
ECONOMY answers the three economic
questions through collective
 INEQUALITIES. decision-making.
 LEADS TO MONOPOLY.
 DEPRESSIONS.
 MECHANIZATION AND
AUTOMATION.
THE CONTEMPORARY WORLD GEC-3

ADVANTAGES OF
AUTHORITARIAN SOCIALISM
 Nationalism
 Focus on a strong military
 Equality (classless society)
 State supplies many public goods
including; employment
 housing
 healthcare
 education
 Meets everyone's needs
 Job security
DISADVANTAGES OF
AUTHORITARIAN SOCIALISM
 Government transitions are
usually violent
 Government rules through
propaganda and fear.
 Redistribution of income
 Limited decision-making/choice
 Lack of motivation/incentive
 High taxes

You might also like