What if a socialist country converted to capitalism?

Answer 1

The obvious; stop having leaders, and follow the word of scripture! O! My people those who lead thee cause thee to ERR, and destroy the way of thy paths. [ISAIAH 3:12.] Then said Jesus to those Jews which believed on him, if you continue in my word, then are ye my people indeed; And ye shall know the truth, and the truth shall make you free. [JOHN 8:31-32.] Follow leaders! History has proved; you will most certainly end up, Fighting Wars!

On a political level - this is more along the lines of "what are the differences of a capitalist society and a socialist society?"

Capitalism benefits the individual whereas Socialism benefits the people. This means that in a socialist society, taxes are highest for those who earn the most.

There is a saying that goes along the lines of "when you are young and have little, you are essentially socialist. When you are around 40 you become more capitalist". This is evident in Western countries where the state provides for people. People eventually work their way out of poverty and buy their own homes, etc. In a truly capitalist system, individuals property rights are protected from the government. Since the late 90's the U.K. has become more socialist by the introduction of such things as inheritance tax and council tax. These are implemented as a percentage of people's incomes. The benefits are felt most by those who exist close to the povert line.

Answer 2

This has happened to many countries, it isn't actually that hard but can be implemented horribly. when a switch like that is made the government must release some industries from stated control to private control and if done poorly or without any government regulation can lead to a good amount of people becoming super rich within a night, and if something is privatized too quickly it can lead to prices of good rising to a rate where people cant afford them and can lead to a depression.