Word: capitalist
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Another reason why recession is always a threat in a capitalist economy...
Capitalism is associated with a high degree of political and social freedom, but that is not a requisite; some economists argue that Nazi Germany was capitalist because most of its industry was privately owned. Yugoslavia, on the other hand, is still outside the capitalist camp because most of its industries are state-owned, even though they compete in a market economy...
...industrial world, capitalist countries differ strikingly...
AMERICAN-GERMAN. This is the most purely capitalist system. Production is managed for private profit by businessmen, who can operate as they please so long as they obey the many regulatory laws. Government with rare exceptions directly runs only the most essential services (defense, education, post office) and tries to prod the economy in a desired direction by tax, spending and money-supply policies...
SCANDINAVIAN. This system could be called either welfare capitalism or free enterprise socialism. For example, about 90% of Swedish production is carried on by private corporations, a proportion as high as in the U.S. But profits and incomes are taxed at rates of up to 80% to support the capitalist world's widest array of social services. Wages are set by a "national bargain" reached through negotiations between employer associations and unions and ratified by the government...