W4 posted by Ji nu Nam (남진우)

Summary

Economy is the result of human evolution. Such as technological evolution and industrial evolution. Economy has divided to two formed capitalism and socialism.

Capitalism is economy system which pursue profit. It worked by money, labor power and competition. Using competition in market allow Adam smith’s invisible hand to control the market well maintained.

Socialism has quite different economy system they do not pursue individual profit. They derived to protest gap between rich and poor peoples. So they pursue community’s profit. Still there are few nations in Asia, Europe, Latin America.

Mention

In korea we still fighting North and South, capitalism and socialism. so in this chapter i could learn more than other capters 

Question

which ideology might better for future?