TypesofCapitalism
How do types of capitalism vary in different democracies?
Capitalism is a global economic system where the means of production are owned by private individuals, but different countries such as the United States, Japan, and Sweden have industrialized capitalism in different ways.
United States: free enterprise/free market capitalism: economic/political system characterized by a free market for goods, private control of production, market competition, belief that market is “self-regulating” (Smith, 2002).
Japan: collective capitalism: collective identity, interlocking share ownership, lifetime employment, pensions/social protection of workers, focus on benefitting citizens/country as whole (Fulcher, 2004).
Sweden: Social capitalism: combination of free market economy and welfare state, governments regulate markets/provide social support for the poor, means of production are social and intellectual as well as tangible (Fulcher, 2004).
Capitalism is a global economic system where the means of production are owned by private individuals, but different countries such as the United States, Japan, and Sweden have industrialized capitalism in different ways. The United States uses free market capitalism, which is an economic and political system characterized by a free market for goods, which includes private control of production, market competition, and the belief that the market is “self-regulating” (Smith, 2002). Japan uses a collective capitalism model, which emphasizes collective identity and focusing on benefitting citizens and the country as a whole, which includes features such as interlocking ownership, lifetime employment, and pensions and social protection of workers (Fulcher, 2004). In Sweden, social capitalism is a combination of a free market economy and welfare state, where governments regulate the markets and provide social support for the poor, which calls for the means of production to be social and intellectual as well as tangible (Fulcher, 2004). In
Capitalism is a global economic system where the means of production are owned by private individuals, but different countries such as the United States, Japan, and Sweden have industrialized capitalism in different ways.
United States: free enterprise/free market capitalism: economic/political system characterized by a free market for goods, private control of production, market competition, belief that market is “self-regulating” (Smith, 2002).
Japan: collective capitalism: collective identity, interlocking share ownership, lifetime employment, pensions/social protection of workers, focus on benefitting citizens/country as whole (Fulcher, 2004).
Sweden: Social capitalism: combination of free market economy and welfare state, governments regulate markets/provide social support for the poor, means of production are social and intellectual as well as tangible (Fulcher, 2004).
Capitalism is a global economic system where the means of production are owned by private individuals, but different countries such as the United States, Japan, and Sweden have industrialized capitalism in different ways. The United States uses free market capitalism, which is an economic and political system characterized by a free market for goods, which includes private control of production, market competition, and the belief that the market is “self-regulating” (Smith, 2002). Japan uses a collective capitalism model, which emphasizes collective identity and focusing on benefitting citizens and the country as a whole, which includes features such as interlocking ownership, lifetime employment, and pensions and social protection of workers (Fulcher, 2004). In Sweden, social capitalism is a combination of a free market economy and welfare state, where governments regulate the markets and provide social support for the poor, which calls for the means of production to be social and intellectual as well as tangible (Fulcher, 2004). In