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Understanding Economic-Political Systems: Capitalism, Socialism, and Communism

This document explores various economic-political systems through the lens of Business Administration and Management. It outlines the key characteristics of Capitalism, emphasizing individual property rights and free enterprise, as well as Socialism, where the government controls production factors while allowing some private ownership. Additionally, the text discusses Communism's nearly total government control over production and the concept of a “Mixed Command” economy, as seen in modern China. This comprehensive overview assists in understanding these systems' diverse implications for businesses and economies.

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Understanding Economic-Political Systems: Capitalism, Socialism, and Communism

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  1. Business Administration & Management Mr. Bernstein Notes, pp 63-65 Types of Economic-Political Systems March 10, 2014

  2. Business Administration & ManagementMr. Bernstein Capitalism AKA Free Enterprise or Market Economy Citizens are Free to Own Property of Their Choice Citizens are Free to Operate Business Ventures of Their Choice

  3. Business Administration & ManagementMr. Bernstein Socialism Government Controls the Factors of Production (Natural Resources, Labor, Capital and Entrepreneurship) “Mixed Economy” because some private ownership is allowed

  4. Business Administration & ManagementMr. Bernstein Communism Government Controls Nearly All the Factors of Production (Natural Resources, Labor, Capital and Entrepreneurship) “Command Economy” Relatively Few Successful Nations

  5. Business Administration & ManagementMr. Bernstein Modern China “Mixed Command” Economy?

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