Summary of Dicussion Questions

In: Business and Management

Submitted By cchong1993
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1. Explain the difference between market capitalism, centrally planned capitalism, centrally planned socialism, and market socialism. Give an example of a country that illustrates each type of system.

Market capitalism is an economic system in which individuals and firms allocate resources and production resources are privately owned. Consumers decide what goods they desire and firms determine what and how much to produce; the role of the state in

market capitalism is to promote competition. Market capitalism is found in the United States.

Centrally-planned capitalism is an economic system in which command resource allocation is utilized extensively in an environment of private resource ownership can be called. Centrally-planned capitalism is found in Sweden, where two-thirds of all expenditures are controlled by the government.

Centrally-planned socialism is an economic system in which the state has broad powers to serve the public interest as it sees fit. State planners make “top-down” decisions about what goods and services are produced and in what quantities; consumers can spend their money on what is available. The government owns industries as well as individual enterprises. Centrally-planned socialism was found in the former Soviet Union.

Market socialism is an economic system in which market allocation policies are permitted within an overall environment of state ownership. Market socialism is found in China where farmers can offer part of their production in a free market.

2. Why are Brazil, Russia, India, and China (BRIC) highlighted in this chapter? Identify the current stage of economic development for each BRIC nation.

Experts predict that the BRIC nations will be key players in global trade even as their track records on human rights, environmental protections and other issues come under closer scrutiny by…...

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