Unformatted text preview: 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. Som vs. Capitalism No one economic system has succeeded in satisfying all the needs of its citizens. Several economic studies over the past few generations have shown that, in general, citizens in societies with capitalist economies enjoy a higher standard of living than those in sot societies....
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This note was uploaded on 01/24/2012 for the course SCIE SYG2000 taught by Professor Bernhardt during the Fall '10 term at Broward College.
- Fall '10