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Explain the basic model of capitalist economic production. Contrast this model to socialism. Assess the operation...

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Psychology

Explain the basic model of capitalist economic production.Contrast this model to socialism. Assess the operation ofcapitalist and socialist economies in terms of economicproductivity, economic equality, and support for political rightsand freedoms.

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Capitalist economic system It is an economic system which is characterized by free markets and the absence of government intervention in the economy In practice this type of economy will need some government intervention primarily to protect private property The main features of a capitalist economic system are listed below Economic freedom Individuals free to    See Answer
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