In a socialist economy, public officials known as central planners may control the behavior of producers, consumers, savers, borrowers, andinvestorsby taking over and regulating trade, the flow of capital, and other resources. In a free-market economy, trade is conducted on a voluntary, or non...
While there are no purely socialist governments in the world today, elements of democratic socialism can be seen in Sweden’s provision of free universal health care, education, and sweeping social welfare programs. Is America a Democracy Students holding buttons at voter registration drive.Ariel Sk...
Socialists criticize Keynesianism because it doesn't go far enough. They believe the government should take a more active role in protecting the common welfare. This role means owning some factors of production. Most socialist governments own the nation's energy, health care, and education service...
While central planning is typically associated withsocialistorcommunistpolitical systems, many other countries may enact elements of economic planning in times of war or national emergency. For example, many countries implementedrationingsystems during the world wars in order to prevent shortages andcontrol...
On September 11, 1973, Chile’s socialist government ofSalvador Allendewas overthrown in a coup d'etat backed by the United States. Over the next 17 years, a military junta headed byGeneral Augusto Pinochetorchestrated the most brutal period of human rights abuses in Chilean history. During wha...
Economic Freedom: In socialist and communists countries, this freedom is heavily curtailed. In capitalist countries, this freedom tends to be allowed. Generally, it refers to the right for people to trade freely with others, start a business, charge their chosen rates for products, and own their...
For example, key differences in the division of labor separate the two economic models. In free markets, workers are hired on the basis of supply and demand - the more a product or service is in demand by consumers, the more workers are needed. In contrast, in a command economy, labor ...
Second world countries refer to less industrialized countries that were formerly communist-socialist, such as the Czech Republic, Russia, and Poland. During the Cold War, third world countries were those that did not support either party. Now, third world countries refer to poor, less industrialize...
DuringWorld War II, the Soviet Union joined with other European communist and socialist regimes in fighting the fascist threat posed byNazi Germany. However, the end of the war also ended the always shaky alliance between the Soviet Union and its more politically moderateWarsaw Pactsatellite countri...
A mixed economy is an economy organized with some free-market elements and some socialistic elements; it lies on acontinuum betweenpure capitalism and pure socialism. Mixed economies typically accept private ownership of most means of production, with some government intervention, mainly throughregulatio...