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Socialism

Socialism is a system under which resources and means of production are owned by the society as a whole, rights to private property are limited, the good of the whole society is stressed more than individual profit, and the government maintains control of the economy.

Example: China is a socialist country. The government owns and controls almost all natural resources.

Welfare capitalism

Welfare capitalism is a system that features a market-based economy coupled with an extensive social welfare system that includes free health care and education for all citizens.

Example: Sweden allows private business ownership, but the government controls a significant part of the economy. High taxes support an extensive array of social welfare programs.

State capitalism

State capitalism is a system under which resources and means of production are privately owned but closely monitored and regulated by the government.

Example: South Korea’s government works closely with the country’s major companies to ensure their success in the global marketplace.

Popular pages: Social Institutions