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Capitalism is an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state whereas socialism is a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. (Shaw, William H. (2014). Business ethics (8th ed.). Boston, MA: Wadsworth, Cengage Learning). In this assignment, you will define the roles capitalism and socialism play along with the pros and cons of each.
In two to three (2-3) paragraphs:
- Briefly define, in your own words, the concepts of capitalism and socialism. Then list three pros and cons of each.
The specific course learning outcomes associated with this assignment are:
- Determine the considerations for and process of ethical business decision making to balance corporate and social responsibilities, and address moral, economic, and legal concerns.
- Analyze selected business situations using the predominant ethical theories, such as utilitarian, Kantian, and virtue ethics to guide ethical business decision making.
- Use technology and information resources to research issues in business ethics.
- Write clearly and concisely about business ethics using proper writing mechanics.