Final answer:
The diagram represents different perspectives on capitalism: classical liberalism, modern liberalism, and socialist criticism. Differences and similarities include belief in market competition, government intervention, and criticism of inequality and exploitation.
Step-by-step explanation:
Is this how Capitalism is seen today?
The diagram represents three different perspectives on capitalism: classical liberalism, modern liberalism, and socialist criticism. The differences and similarities between these perspectives reflect the ongoing debates around capitalism in society today.
A similarity between classical liberalism and modern liberalism is the belief in market competition as a driving force for economic growth. However, a difference is that classical liberalism emphasizes minimal government intervention, while modern liberalism supports government regulations to address social and economic inequalities.
On the other hand, socialist criticism highlights the inherent inequities and exploitation within capitalist systems. Socialists argue for collective ownership of resources and the redistribution of wealth to achieve a more equitable society. This perspective stands in contrast to both classical and modern liberalism.