Economy refers to the ways people use their environment to meet their material needs. There are some types of economic operating systems. First, capitalism is an economic and social system in which capital and the non-labor factors of production or the means of production are privately controlled. Second, socialism refers to various theories of economic organization advocating public or direct worker ownership and administration of the means of production and allocation of resources, and a society characterized by equal access to resources for all individuals with a method of compensation based on the amount of labor expended. In these days, there is Gini Coefficient which is a measure of statistical dispersion intended to represent the income distribution of a nation's residents.
I could learn detailed limitation of capitalism and socialism in terms of economic. There can be abuse of sources and capital in capitalism. Also, in socialism, a socialist command economy could not adequately transmit information about prices and productive quotas due to the lack of a price mechanism.
I think which systems are adequate to Korea in these days is good discussion point. I want to know other people's opinions whether maintaining capitalism is better or switching to socialism is better in unfair Korea.
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