Theoretically, major difference in market socialism and market capitalism lies in the ownership of the means of production which can be either private or public. However, both socialism and capitalism have been bifurcated into more specific categories. Here, two fundamentals…
ike enterprise control rights are egalitarian, enterprise income rights are also democratic in nature which is distributed to all the members of the market socialist community. 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 of government intervention is called for as compared to market socialism and thus it is more of 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 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, 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. Soviet Union is one of the centrally planned economies (Knes n.d).
High and low context applies in 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 of formal writing or speaking of words. Thus, informal activities like social gatherings, partying, congregations and personal relationships are the essence 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 others members and most of the people understand what the speaker tends to convey.
In low ...
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