The paper "International Marketing and Business" is an outstanding example of an assignment on business. In November 1989, the fall of the Berlin wall marked the end of the old contest between capitalism and communism. Chua (2007) describes that capitalism is referred to as the economic system which shows that the means of production are privately owned and are mostly operated in order to gain profits. Some of the elements of capitalism include means of production, creation of goods and services for profits and prices. Capitalism is where the government does not have any control of its economy or property rights.
Communism on the other hand involves shared effort and resources and this is rarely used by any economy. Chua (2007) shows the two represent economic competition which was started by the integration of the European Common Market on the 1st January 1993. This study evaluates how various economies have been performing over the last twentieth century and how they are performing in the twenty-first century. Question 1Evolution of capitalism and communismAccording to Bacher (2007), capitalism is an economic system that developed in the sixteenth century in Europe though it has earlier existed in the ancient world.
The system is most dominant in the Western world as a result of the failure of feudalism. Capitalism spread in Europe in the nineteenth and twentieth centuries providing the means of industrialization which spread all over the world. Today, the system is the most dominant form of the economic model being used by most of the Western world which was after the collapse of the USSR. Capitalism began with mercantilism which was the period between the sixteenth and the eighteenth century.
This period focused on discovery and exploitation from the merchant traders. Wood (2002) describes that at this time, land and labor were the only elements of commerce. Capitalism then evolved to industrialism in the mid-eighteenth century which was characterized by increased mechanization of agriculture. According to Wood (2002), the period introduced manufacturing and division of labor. Keynesian and neo-liberalism was the other stage of capitalism that lasted from the 1930s to the 1980s. Next was the year of globalization in which over the five hundred years, overseas trade was associated with the development of capitalism but due to the introduction of globalization in the twentieth century and mobility of people increased.
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