Abstract:A pure capitalist system has private ownership of wealth and administration of the economy via markets. As pure socialist system has stare ownership and administration by a bureaucracy. One offers growth and insecurity, and the other offers security and stagnation. In reality, neither has existed nor can exist for long. The feasible alternatives are welfare capitalism and market socialism. Over the last fifty years, the transition from welfare to corporate capitalism has taken place in the West under U. S. lea… Show more
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