Capitalism, Socialism, and the Mixed Economy

Paper Summary:

Most developed societies in the recent past, after the 18th century Industrial Revolution in Britain, have adopted capitalism, socialism, or the mixed economy as their politico-economic system. This paper presents a brief comparison of the three systems by discussing their essential features, their effect on the living standards of people, and how the knowledge of the three systems would help a manager in the decision making process.

From the Paper:

"Another characteristic of Capitalism is that it considers individual rights as the cornerstone of its philosophy and forbids the initiation of physical force that interferes with the rights of an individual whether such force is initiated by a criminal or by the government. (Simpson, 2003). Use of physical force by a criminal consists of acts such as murder, rape and robbery to deprive an individual of a legitimately earned right; or the imposition of taxes or regulations by the government that interfere with the voluntary acts of individuals such as the acceptance of a lower than minimum specified wage by an employee from an employer."

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