Capitalism Vs. Corporatism: Economic Systems Compared
Capitalism emphasizes market-oriented entities, prioritizing private property, free markets, competition, profit motive, and limited government intervention. Corporatism, on the other hand, embraces mixed economy entities, involving government-business partnerships, business corporations, labor unions, the welfare state, and government agencies. It seeks to balance market forces with government intervention for economic and social development. Understanding Market-Oriented Entities:…