Social Institutio11 - social welfare system that includes...

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Social Institutions Capitalism Capitalism is a system under which resources and means of production are privately owned, citizens are encouraged to seek profit for themselves, and success or failure of an enterprise is determined by free-market competition. Example: The United States is one of the most purely capitalistic societies in the world. Most U.S. businesses are privately owned, but the government does regulate business practices. Socialism Socialism is a system under which resources and means of production are owned by the society as a whole, rights to private property are limited, the good of the whole society is stressed more than individual profit, and the government maintains control of the economy. Example: China is a socialist country. The government owns and controls almost all natural resources. Welfare capitalism Welfare capitalism is a system that features a market-based economy coupled with an extensive
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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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