Which Economic System Is Best Suited for Handling a Crisis of Epic Proportions? Why?

1) Which economic system is best suited for handling a crisis of epic proportions? Why?

I believe a socialist economic system would be the best system to have in a crisis because it falls somewhere between communism and capitalism. The definition of socialism is an economic system characterized by public ownership and operation of key industries combined with private ownership and operation of less-vital industries (Bovee & Thill, 2012). This means that the government has control of industries such as health care, transportation, and other vital industries. In a crisis, the industries owned by the government would then be used to help people who needed care and help rebuild cities and communities if destroyed. In a socialist economy, the businesses owned and operated by the government are not done so to make a profit they are run to meet human needs. If a hurricane happens then these businesses would be able to help the people effected by the hurricane without worrying about a loss of sales or profit. A socialist economy would also be the best in a crisis because the industries owned by the government would be the first to respond in an emergency. That means that the people in a crisis situation would be benefiting from immediate care and not waiting for a private business to collect resources to respond.

2) Describe and explain why a socialist system might be the best in responding to the needs of people struck by an emergency situation.

A socialist economy might be the best in responding to the needs of people struck by an emergency situation like the earthquake that occurred in Haiti because the government owned and operated businesses would be able to help the survivors and respond to the needs of the people. In the definition of socialism above, it says that there is public ownership and operation of key industries. This would be the best system because everyone would get help no matter what and the focus would be on the people not on the profit of...