Chris Scandrett
September 3
2nd Period
Part 2: Economic Ideas

Capitalism is the economic system in which most of the means of production are privately owned, and production is guided and income distributed largely through the operation of markets. Since the end of Mercantilism, capitalism has been dominant in the Western World. Capitalism was fostered by the Reformation ,which consisted of hard work, and the Industrial Revolution. Capitalism uses the excess of production over consumption to enlarge productive capacity rather than investing it in economically unproductive enterprises such as palaces or cathedrals. The United States, France, Germany, Japan, and England are the most advanced capitalist nations in the world. A country can be identified using capitalism when the country openly professes a capitalist economic system, prices are controlled by an open market, the majority of the means of production are privately owned, and/or the majority of the people of that country must work to survive.Socialism is the economic system and political theory advocating public or common ownership and cooperative management of the means of production. In other words the government redistributes wealth to help the poor or disadvantaged. The main way this is done is through progressive taxes in the U.S. This is what some call the “Robin Hood” system with the idea that money is taken from the rich and given to the needy. The United States has set-up programs to aid the poor. These programs consist of social security, medicare, medicaid, estate tax, income tax, and the list goes on an on. Social security has been called a scam by many because of the fact that the government takes money from a citizen and then gives it to the elderly and people in need that meet certain criteria. Venezuela, Cuba, The People's Republic of China, and North Korea practice Socialism, or what they describe as socialism. Most nations in Europe practice either Social Democracy or Democratic...