Question

Private ownership of most of the means of production is common to (LO7) a) capitalism and communism b) capitalism and fascism c) capitalism and socialism d) fascism and communism

Short answer

The short answer is b) capitalism and fascism. Both of these systems allow for private ownership of most means of production, though fascism involves significant state control of the economy.

Step-by-step solution

Analyze economic systems

First, let's briefly define these economic systems to understand the role of private ownership. 1. Capitalism: An economic system characterized by private ownership of the means of production, accumulation of private wealth, and profit-driven competition. 2. Communism: An economic and social system characterized by collective ownership and management of the means of production, along with the absence of social class and state. 3. Fascism: A political and economic system that advocates a strong central government, nationalism, limited or no autonomy for individuals, and significant state control of the economy. 4. Socialism: An economic system characterized by collective ownership of the means of production, with an emphasis on reducing inequality and promoting social welfare. Now we are ready to identify which of these systems share the commonality of private ownership of most of the means of production.

Identify the correct answer

Based on our understanding of these economic systems: - Capitalism and Communism: Capitalism relies on private ownership, whereas communism promotes collective ownership; therefore, these two systems do not share private ownership of most of the means of production. - Capitalism and Fascism: Both of these systems have private ownership of the means of production, but in fascism, there's significant state control of the economy. - Capitalism and Socialism: Capitalism emphasizes private ownership, whereas socialism endorses collective ownership, so they don't share the commonality of private ownership of most of the means of production. - Fascism and Communism: Fascism allows for some private ownership while maintaining substantial intervention and control by the state, while communism involves no private ownership of the means of production. Given our analysis above, we can now conclude that the correct answer is: b) capitalism and fascism