Building A Perfect Economic System Essay

1174 Words Aug 27th, 2014 5 Pages
One may find it is not easy to develop a perfect economic system that would be apt and prosperous for every country. It has been proven over time that every economic system must go through a trial and error period before it could ever be recognized as the perfect economic system. But is there really such a faultless system? What does it take to create such a system and why has it not been done before? Should business self-regulate and the government have a hands off approach? Should the government have more say in regulating business? While the answer still remains unclear, economic systems such as socialism and capitalism, as well as the Keynesian economic philosophy have each undergone such periods of trial and error over the past few centuries. Some of these systems have worked well for many years while others have ultimately failed.
Socialism is the system in which the government has total ownership of all land and capital used in production and controls the distribution of wealth. The distribution of goods, services, and real estate is maintained by the government. Essentially, all the citizens are the same. There is no class division in a socialist system nor is there private ownership. Hence, there is no competition and no chance for private wealth. Instead, there is a common wealth (“Socialism”).
There is no focus on the individual or private business in a socialistic society. The government controls every aspect of the market including the factors of production,…

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