Question

In a paragraph or more compare and contrast the governmental styles of capitalism, socialism, and globalism.

Answer 1

The term capitalism refers to an economic system where the factors of production such as entrepreneurship,capital,natural resources and labor are owned by the private individuals and entities.These private entities control all the factos through companies and derive income from it. It also provides the capitalist an opportunity to maximize their profits.Capitalsim requires free market economy to be successful.They sell their goods at highest price possible while keeping their cost of production low.The capitalism results in in the best products for the best prices and rewards innovation but it also promotes inequality in the society.

Socialism is opposit of capitalism in a manner that the factors of production are owned, distributed and regulated by the community as a whole.It's not in just hands of few entities but everyone in society equally owns the factors and receives a return on the basis of his contribution.While capitalism promotes competition,the socialsim prmotes cooperation among people.The main advatage is that workers are not over exploited in this system,there is equal,promotes equality of income but it doesn't reward people for being competitive and there is too much interference from the government in the form of regulations.

Globalism explains the interconnection between different sectors of economy that span multi-continental distances whereas globalization refers to the increase or decline in the degree of globalism.Globalism is looking at the world as one global economy and so it implies worldwide business.It is the process of international integration where the world is getting closer with respect to ideas,culture,technology and resources.The liberalization of an economy frees it from the forces of capitalism or socialism and opens it to the world which promotes infrastructure.It requires free trade and deregulation to flourish but too much of it would also result in some big corporations gaining monopoly so,some state regulations are required to keep the extent of globalism in check.