Types of Capitalism - Essay Example

An apt example of a market socialist economy is China where most of the employment and foreign funds are provided by state-owned firms.However, under market capitalism, less government intervention is called for as compared to market socialism and thus it is more of a privately held management community. Thus, both the control and income rights are conferred on members as per their ownership and shares held. The United States of America is a market capitalist economy and in fact, every developing nation adopts the capitalist model.

In layman terms, a centrally planned economy is one where decisions are taken by state or government and businesses have little or no say in this matter. However, a major difference between market and centrally planned economies is that while the former is more economic focused the latter is largely political with socialist or communist viewpoints. The Soviet Union is one of the centrally planned economies (Knes n.d).What is the difference between a low-context culture and a high-context culture?

Give an example of a country that is an example of each type, and provide evidence for your answer.High and low context applies to cross-cultural business management and negotiation styles. Theoretically, low context cultures are characterized by more explicit and literal meaning cues. On the contrary, high context cultures are implicit and focus more on non-verbal signs.High context cultures believe that people know what has to be done and thought of because high context cultures have long periods of associations and relations.

They believe in less formal writing or speaking of words. Thus, informal activities like social gatherings, partying, congregations and personal relationships are the essences of high context culture (Culture at Work n.d). China and France exhibit features of high context culture where people share very specific information with other members and most of the people understand what the speaker tends to convey.In low context culture, everything is implied from the literal meaning of the words spoken or written.

Shorter duration of associations and relationships results in a more coded and regulated environment and the task is considered more important than relationships. Germany and America feature low context culture where they need to know the exact background details and wish to explain and be explained everything. Open discussions and well-informed facts are the characteristics of low context cultures (Siete n.d). The figure below demonstrates the attributes of high and low context cultures.