CAPITALISM VS. SOCIALISM - AN ATTEMPT TO ANALYSE THE COMPETITIVENESS OF ECONOMIC SYSTEMS

This article is devoted to the analysis of the competitiveness of economic systems (capitalism and socialism) in the years 1950-1989. The author assumed that competitiveness is the ability of the surveyed economies to build prosperity. Therefore, to compare the competitiveness of both socio-economic formations, the living standard of society - GDP per capita was used as a basic measure. The results of the analysis clearly indicated that capitalism (the system of the market economy) is more competitive than socialism (a system of planned economy). The study of competitiveness of economic systems requires a holistic approach and the application of research methods used in economics and economic history.