Discuss the three essential features of capitalism as well as the three essential features of socialism. Does a pure form of capitalism or socialism exist in the world today? Why or why not? Do recent events around the world suggest the emergence of a new economic and social form, one which blends capitalism and socialism? Describe the likely characteristics of this future societal form.

Discuss the three essential features of capitalism as well as the three essential features of socialism.

Capitalism:

Socialism:

Does a pure form of capitalism or socialism exist in the world today?

No. Not even very capitalist countries like Singapore have a pure form of capitalism. As for socialism, not even North Korea has a pure form of socialism. Some forms of market economy do exist there.

Do recent events around the world suggest the emergence of a new economic and social form, one which blends capitalism and socialism?

Not necessarily because this form already exists. Most countries have mixed economies where aspects of socialism and capitalism coexist. Capitalism is preferred for the production of goods and services, while socialism is preferred for the redistribution of wealth.

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