The difference between the economic systems Venezuela Discussion

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nlza09

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The difference between the economic systems of capitalism and socialism. Venezuela has been in the news almost daily due to its struggling economy and political instability. Research the history of Venezuela's shift towards socialism (how did it get here? What changes were made in the structure of Venezuela's economy? What leaders made those decisions?) and what are the economic consequences, positive or negative, from those decisions? What recommendations would you make in Venezuela and how do you think this will play out in the next three to six months?


2 pages double spaced. Use five independent sources for the answer. APA format.

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Attached.

Outline
1. Difference between the economic systems of capitalism and socialism
2. History of Venezuela's shift towards socialism
3. Economic consequences, positive or negative, from those decisions
4. Recommendations


Running head: VENEZUELA SOCIALISM

1

Venezuela Socialism
Name
Institution

VENEZUELA SOCIALISM

2

Difference between the economic systems of capitalism and socialism
The fundamental difference between capitalism and socialism is based on the manner that
the government intervenes in the economy. On the one hand, capitalism is based on a free market
system where there is private ownership of means of production. On the other hand, socialism is
based on a centralized model of planning which ensures that everybody gets their fair share
(Peavler, 2010). One of the cases of socialism that have made the headlines in the recent past is
that of Venezuela. In this instance, the country has had occurrences of political and economic
instability which in this instance has led to mass migration and...


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