Question

Make a comparison between the government’s roles in a capitalist economic system versus a socialist or communist economic system.

Answer 1

A capitalist economic system is built on the respect of private property and competition. Hard work and free enterprise benefit citizens more than the government can. For the most part, government intervention is reduced. However, the government does provide security and some basic services, like infrastructure, to its citizens.

Socialist and communist systems endure more government control. Citizens of these economies have a limited amount of freedom by law. The government controls the market place and the production of most goods and services.

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Answer 2

Hello!

In a Capitalist Economic System, the government is expected to guarantee the respect to private property, promulgate laws that defend economic freedom, and is an intermediary between the private sector and society. In this economic system, the government is reduced an doesn't intervene in the free market.

In a Socialist or Communist Economic System, the government redistributes goods and services, takes the means of production (private property) from their owners to put them in service of the working class, promulgate laws that limit economic freedom and heavily intervenes in the market and economy.

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