Role Capitalism Plays

Capitalism is an economic and political system in which a country’s a trade and industry are controlled by private
owners for profit, rather than by the state whereas socialism is a political and economic theory of social
organization which advocates that the means of production, distribution, and exchange should be owned or
regulated by the community as a whole. (Shaw, William H. (2014). Business ethics (8th ed.). Boston, MA:
Wadsworth, Cengage Learning). In this assignment, you will define the roles capitalism and socialism play
along with the pros and cons of each.
In two to three (2-3) paragraphs:
Briefly define, in your own words, the concepts of capitalism and socialism. Then list three pros and cons of
each.
The specific course learning outcomes associated with this assignment are:
Determine the considerations for and process of ethical business decision making to balance corporate and
social responsibilities, and address moral, economic, and legal concerns.
Analyze selected business situations using the predominant ethical theories, such as utilitarian, Kantian, and
virtue ethics to guide ethical business decision making.
Use technology and information resources to research issues in business ethics.
Write clearly and concisely about business ethics using proper writing mechanics.