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Q: Julie Marshall's first cousin, Jean-Paul, lives and works in Belgium. They have had long "discussions" via email about the benefits and drawbacks of living in the US, a capitalist system, versus
living in Belgium, a socialist economic system. Jean-Paul defended Belgium's system. What do you think Julie would say about the benefits of living in the US and the drawbacks of living in Belgium, and how would Jean-Paul respond?
A: In a capitalist economy, consumers can work toward riches and financial freedom. A competitive market results from capitalism and consumers are presented with a wide array of products and services to choose from. [ Consumers and companies regulate the free market. This is often seen as one of the strengths of a capitalist society. Socialism is economically inefficient as it does not reward
entrepreneurs. Instead of rewarding entrepreneurs for creating wealth, it punishes them by making them pay higher taxes. Socialism can actually lower the living standards of all by not rewarding work and by making public assistance available to more than the neediest. ]
rhey22787|Points 764|
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Asked 9/3/2012 9:54:53 PM
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