Understanding Different Types of Economic Systems

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Question: Between the mixed economy and communism, which economic system is better? Why?
The purpose of writing this paper is to gain knowledge and better understanding of different types of economic systems. This question is important to explore because in order to improve, we need to study the results of each economic system in the past and improve upon each technique used in the system. This question and paper focuses on two types of economic systems, the mixed economy and communism. The mixed economy, what Canada has is a means of production that is controlled by the government and also partly by private persons who own and invest in corporations and firms. In the mixed economy, citizens receive a general welfare from the government; like a pension for people over the age of 65 years old or a family allowance in recognition of past services. In this economic system, people are paid according to what they contribute to the system according to the work or resources. Communism, what China and Russia have is where the government controls all productive resources and equipment in the country. In the second half of the 19th century, Karl Marx and Friedrich Engels founded the philosophy communism. They wrote the book called “The Communist Manifesto”. This philosophy ended capitalism allowing private ownerships to belong to the community. The slogan for communism was, “Everyone gave according to their abilities and received according to their needs thus the needs of a society would be put above and beyond the specific needs of an individual.” This concept was incredible but implementing it into a system was and still is challenging. In my opinion, between the two eco...

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Blaze, Juan, Johnny. "What are the Advantages and Disadvantages of a Mixed Economy? - Yahoo Answers." What are the Advantages and Disadvantages of a Mixed Economy?. https://ca.answers.yahoo.com/question/index?qid=20090921155257AAP23Bd (accessed May 10, 2014).
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F, Carlos. "How does a mixed economy help developing countries improve their standard of living? - Yahoo Answers." How does a mixed economy help developing countries improve their standard of living?. https://ca.answers.yahoo.com/question/index?qid=20080609175114AAlYBaM (accessed May 11, 2014).

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