What are the Three Major Types of Economic Systems In Existence Today? What are the pros and cons of each?
Capitalism is a private enterprise system built on the four rights of production: property rights, profit, competition, and freedom of choice. These basic rights allow capitalists to decide for themselves what to produce, how to produce, and for whom to produce. 
Capitalists decide to produce a product because they see a need, or a demand for it. Whether they produce this product by utilizing the technological advances available to them, or produce it from the sweat of their brow, in a capitalist society, they produce it to the best of the ability, because that is the best way to ensure success. In the end, a capitalist has the right to sell his or her product to anyone who expresses a demand for it, and the capitalist has the right to keep any profits or suffer any loses. The United States is an example of a Capitalistic society. One pro of a capitalistic society is that consumers and suppliers have the freedom to choose what they will purchase, and what they will supply. A con of a Capitalistic society is that it can promote selfishness. (Slavin, 83) Capitalism
Socialism, on the other hand, is an economic society based on common ownership. The workers own the means of production, and each has a say in what is produced. A general practice of socialism is to produce goods for the common good rather than for profit. These goods are then distributed based on need. “from each according to ability, to each according to needs” 
A socialistic economy assumes the each person will be willing to work for the good of other people; volunteering their time, efforts, ideas, inventions, etc. to fill the communal pot. An example of a socialist society is Sweden. The pros of socialism include standardized healthcare, education, and retirement benefits. (Slavin, 85) Socialism
The government controls a Communist country. The government controls the means of production, the raw materials, and the labor itself. Generally, a government planning committee decides what needs to be produced, who will produce it, and who will receive the goods produced. An example of a communist country is Cuba. I really can’t think of any pros for a communist society, but I think the biggest con is the total lack of freedom. (Slavin, 83)
What are the key choices a company must make before reaching the final decision to go global?
There are several key decisions that a company must make as they consider going global. First, they must decide which foreign market to enter, and what level of involvement they desire. There are various levels 
of risk and control at various levels of involvement. The global business venture with the least amount of risk is importing and exporting. Import and export also offers the supplier the least amount of control. Franchising, foreign licensing, and subcontracting involve more risk, but also offer a higher level of control. The riskiest level of involvement is found in acquisitions, joint ventures, and overseas divisions of an existing company. These high-risk business ventures also offer the highest level of control.
Once the level of control has been decided, a company needs to examine the costs of expanding globally. Currency conversions, tariffs, taxes and operating costs must all be taken under consideration. Companies must also research the economic infrastructure of the foreign country they are considering. There are a number of barriers for the company looking to expand globally. Political and social differences can create many problems, so companies looking to expand globally must research these differences and find ways to make them beneficial.
Finally, a company must decide what business strategy to use. With a global business strategy, a company offers a standardized product, and sells it the same way regardless of where the business is located. A multi-domestic business strategy is when the company produces and markets its products according to the demands and tastes of the local population.
