Difference between the economic systems of capitalism and socialism

2.0 pages double spaced. Use five independent sources for your answer

  • In class we have contrasted 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?