Sgt Loaiza

The Economic System in Colombia

What would be the best way to take a third world country out to success? The answer starts in the economic system, should it be capitalist, socialist, or acombination of the two? Both economical systems have a great outcome if they are well handled but my personal opinion its that a mixture of both should occur in order for Colombia to emerge from the thirdworld to the first world.

Right now the economic system in Colombia its mixed capitalism which means that most of the economy its handled by the privet sector but the public sector also handlesthings, concerning the privet property Colombian constitution states in the 1991 constitution guarantees the privet property. Article 58 that “Property it’s a social function that implies obligations”(1)and on article 333 it states that; economic activity and privet initiative are freed under the parameters of common wealth…the free economic competence it’s a right of all that carriesresponsibilities”(2), this concerning the Colombian law due to the economic system.

Lets take three aspects of capitalism; Inequality, unemployment, and intolerance;

Under Capitalist hands Colombia allows thedominant class to have a better wealth fare by abusing the labour, paying the working class less than they produce, adopting the socialist could solve this issue by replacing the privatized productionwith a socialized distribution of wealth meaning that everybody can satisfy the needs in a fair way, meaning that all economic abundances will be distributed to the common wealth of the country. Howeverthis measure would go against Colombian law stated on citation number two, because the growth of an economic abundance will be equal to all, meaning that economic activity and privet initiative arefreed within the common wealth”(3).

The Colombian capitalist producers compete for leading in the market producing way to much merchandise but in the end they will be incapable of selling them...