Economic systems help?

can you answer the following questions about Market Capitalism, Socialism, and Communism?

1. Who / what owns or controls the means of production?

2. What or who determines the price of products

3. What type of government is this economic theory supposed to have?

4. When was this theory developed.?

5 Famous promoters.

6Why did it develope?

1 Answer

Relevance
  • Arnie
    Lv 7
    8 years ago
    Favorite Answer

    In a way, communism is an extreme form of socialism.

    The Socialist ideology is a road to failure! Under socialism, incentives either play a minimal role or are ignored totally. A centrally planned economy without market prices or profits, where property is owned by the state, is a system without an effective incentive mechanism to direct economic activity. By failing to emphasize incentives, socialism is a theory inconsistent with human nature and is therefore doomed to fail. Socialism is based on the theory that incentives don't matter!

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