Economy / Week4 / 성민승 MinSeung Sung

Economy / Week4 / 성민승 MinSeung Sung

1.Summary

People get the resources they need through economic activity. There are various economic systems for different countries. It is now largely divided into two. Capitalism and Socialism. And there are international standards of assessment of economic activity. It is called GDP. The elements of capitalism can be divided into five parts. They are commodities, money, labour power, means of production, and productions. It is based on Adam Smith's theory. The cap of Capitalism relates to the distribution of wealth. Examples of Socialism can be found in China, North Korea, Laos, and Vietnam. Socialism is inefficient and has a limitation of not being able to compete.

2. What was interesting / What did you learn

The most interesting thing was about Socialism. Socialism is currently in effect in only a few countries. So there was no contact with Socialism. But I learned that it was being implemented in more countries than I thought. And the limits of Socialism were interesting. It was part of why many countries were failing to implement it.

3. Discussion Point

What's interesting to me is the limitations of capitalism. What if we could combine the limitations of capitalism with the strengths of socialism?