Social Science Paper

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Christine Louise S. Lacanaria
DEFINITION| an economic system based on the private ownership of capital goods and the means of production, with the creation of goods and services for profit . There are multiple variants of capitalism, including laissez-faire, welfare capitalism and state capitalism.| from Latin communis - common, universal is a revolutionary socialist movement to create a classless, moneyless and stateless social order structured upon common ownership of the means of production, It is where everyone is equal where as if one gets everybody must also have it| refers to an economic system characterised by social ownership of the means of production and co-operative management of the economy.[1]"Social ownership" may refer to cooperative enterprises, common ownership, state ownership, or citizen ownership of equity| CHARACTERISTICS| Private property-the right to own resources and bequeath property. Freedom of economic choice-work/not work, spend/not spend. Government should let markets be with a hands-off philosophy. | A theoretical economic system characterized by the collective ownership of property and by the organization of labor for the common advantage of all members. A system of government in which the state plans and controls the economy and a single, often authoritarian party holds power, claiming to make progress toward a higher social order in which all goods are equally shared by the people.| are economic systems that emphasize public ownership and heavy government influence in economic affairs. As a political system, socialism emphasizes co-operative work for the common good, a uniformed class system, and reductions of hierarchy in both economics and politics.| GOVERNMENT| The government and the leader is chosen by the people and almost everyone or majority of the people can vote for the leader| The party is chosen by the people, where as the party choses the...
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