Assignment 2: The Role Capitalism Plays

Assignment 2: The Role Capitalism Plays
Due Week 4 and worth 100 points
Capitalism is an economic and political system in which a country’s  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.

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