Adults aged 18-21 were given the right to vote in 1971
Answer: Let's start with a definitive description of each.
Capitalism: is a free market economy, where goods and services are produced by private firms. The goods produced are determined by market forces of Demand and Supply.
Socialism: is an economy where each member of the public owns an equal fraction of the means by which goods and services are produced. The goods produced here are determined by the government.
Explanation: I am going to list some of the Advantages and Disadvantages of each so that you can pick the advantages of the system you are supporting and the disadvantages of the other system in your essay.
Capitalism
Advantages:
- It ensures that only the goods needed are produced as the market is controlled by demand and supply.
- It encourages innovation and personal development as better skills and products lead to higher income.
Disadvantages
- It can neglect to produce necessary goods in the economy when focus is only on goods that give the highest return.
- It leads to inequality between the people in an economy.
Socialism
Advantages:
- It leads to equality, people enjoy equal standards of living
- It corrects market problems such as monopolies, price fixing and cartels.
Disadvantages:
- There is an absence of innovation due to lack of competition, so there is no drive to improve on the current goods, services or methods of production.
- It leads to bureaucratic bottleneck as decisions usually have to be taken by several government officials in a bid to ensure that rules are followed.
The Cold War; It was cold and nuclear.
China's membership to WTO allowed made China open to foreign investments to different sectors of their business. It gave more oppurtunities for China . Though it was really tough for them because they had to make various changes in their economy. They had to open their business to the world, decentralized trade, slashed the tariffs as well as adapted duall exchange rate. Even though they are progressing well, but they still have problems with intellectual rights. There hindrances would be the economic transition from a closed country to an opening country as well as the need to meet up with the quota since sme products would be phased out.
