Countries that emphasize individual goals over collective goals tend to have what type of economic system?

Health · High School · Mon Jan 18 2021

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Countries that emphasize individual goals over collective goals often tend to have market-oriented or capitalist economic systems. In such systems, the emphasis is on private ownership of the means of production, free markets, and individual entrepreneurship. Individuals are encouraged to pursue their own economic interests, and the allocation of resources is primarily determined by market forces such as supply and demand.

In contrast, countries that prioritize collective goals may lean towards socialist or mixed economies, where there is a greater emphasis on collective ownership, central planning, and social welfare. These systems aim to address income inequality and promote social welfare through government intervention in the economy.

It's important to note that most economies exhibit a mix of market and government influences, and the terms "capitalist" and "socialist" are often used as idealized extremes on a spectrum. Many countries have mixed economies that incorporate elements of both market and planned economies.