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Capitalism, Socialism, Communism, and The WTO
Transcript of Capitalism, Socialism, Communism, and The WTO
Benefits - A capitalist society is run by households and private businesses. With this type of government you are able to maximize your profits.
Disadvantages - As the rich get richer the poor get poorer. Also the banks are able to use money to manipulate certain parts of government to get what they want.
Capitalism and Democracy
Once a leader is elected into position banks will throw money in him/her direction so they are more influenced to help the banks in return. Due to this, the new leader many not do what they promised the people that elected him/her.
Socialism and Democracy
In a Capitalist society there is a free trade agreement. To help encourage or discourage people bringing imported good in, they may adjust tariffs to suit them better
Benefits - The public owns all productive organizations like farms. The government is also in control of the economy.
Disadvantages - There is a lack of economic flexibility so it may not be able to grow much. People may have less drive to work since they can only make a certain amount of money. A corrupt leader can mess up the economy. It can also destroy individualism.
In a Socialist government, people are able to vote on the way in will work for them.
In the Socialist government they trade to meet there own countries needs instead of trying to live up to the market demand. They get what they need not what they want.
Benefits - Communism provides equality and economic security for people living in this type of government.
Disadvantages - With this you are only able to make a limited amount of money. You are not able to grow your wealth.
In a Communist society you are able to get what you need instead of what you want. They are self-sufficient and rely of themselves for what they need.
The WTO promotes trades in good and services amongst nations. They help members conclude trade negotiations and to act as a neutral judge in trade related disputes. This organization seems to fit best with the communistic way of life since it is about equality for the people involved with it.
“Socialism.” World Book. Vol. 18. Chicago: World Book Inc., 2003. Print.
“World Trade Organization.” World Book. Vol. 21. Chicago: World Book Inc., 2003. Print.
“Capitalism.” World Book. Vol. 3. Chicago: World Book Inc., 2003. Print.
“Communism.” World Book. Vol. 4. Chicago: World Book Inc., 2003. Print.