...government. I know, at times, we feel that America is truly run from the government and we have no choice; but, compared to other countries, America has a lot of freedom when it comes to the rights of the individuals. The economic system that the United States uses is capitalism. Capitalism is the economic system that is also known as the free market system, and is based off on private ownership, economic freedom, and fair competition. Other countries, however, use socialism as their economic system. Socialism is based on the principle that the government should operate some of the key enterprises that affect the welfare of the public. Finally, some countries choose to use communism as their economic system. Communism is based off of the principle that the government should operate and direct almost all enterprises. Clearly, these three economic systems are very different in the way that they operate. In this paper, I am going to compare and contrast the three types of economic systems: capitalism, socialism, and communism. Capitalism, also known as the free market system, is the economic system used by the United States. Because of capitalism, we have what are called fundamental rights. Fundamental rights are rights that the people have because of living in a capitalist economy. Capitalism gives the right to own a business and to keep the profits that are earned after taxes have been taken out. This means that if you earn money from a business, you get to keep it after you are...
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...1.) Compare and contrast the two types of totalitarian governments that arose after 1917, that is, communism and fascism. What were the origins of these governments, their accomplishments, and their failures? What accounts for the fact that the masses mobilized to support these movements? Elaborate. Communism is founded by Karal Marx and Friedrich Engels. Communism is Classless society, government-less and automatic system based on the common ownership and social sameness. There is no one is rich or poor people in a communist system. It stands for a stateless society where all are equal. On the other hand, Fascism was founded in Italy by Benito Mussolini. Fascism is the glorification of the state and it considers state on top of everything; believes in nationalism where state control everything. Communism means state ownership and fascism means state control. Fascism became popular between 1919 and 1945. Communism became popular after the Revolution of Russia in 1917. Fascism began to rise in Europe directly following the First World War because there was a fear of Socialism. The first nation where fascism rose to power was in Italy with Mussolini and his government. He created this ideology as the exact opposite of socialism and the way to combat the rise of socialism. He saw the rise of the Soviet Union and was afraid that they would move across Europe to force communism. Fascism has the government supporting private business instead of the government . In the...
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...career opportunities of the future. D. are an important source of information about changes in weather and climate. 3. Public schools, charities and government agencies are not classified as businesses because they: A. have not been incorporated. B. do not seek to earn a profit. C. provide services rather than goods. D. do not have any stockholders. 4. In order to make an intelligent investment decision, entrepreneurs should: A. limit their options to those business investments that are backed by the U.S. government. B. invest in businesses that have generated a stable rate of profit for at least the past ten years. C. invest only in business opportunities where it is possible to take an active role in management. D. compare the risks of potential investments to their expected profits and find the right balance between profit and risk. 5. Which of the following entails the greatest amount of risk? A. Working for the government. B. Working for a large business. C. Working for a small business. D. Starting a business. 6. Which of the following policies would tend to foster entrepreneurship? A. establishing a currency that is tradable on world markets. B. establishing more...
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...Why Socialism Sucks Brandon Smith Alexander Tokarev 4/26/2013 We live in a world in where different ideologies take over the minds of individuals throughout the world. We have different mindsets which are the products of individuals and the situation in which they have been raised over the course of their life. With these ideologies some are conjured up in the minds of people with immense power over the people of their nation. Governments take the form of different types. There are many different types; Capitalism, Communism, Totalitarianism, Oligarchy, Socialism, Democracy, and even Social Democracy. However I write about only one today…Socialism. I will be taking various examples from Milton Friedman’s The Road to Serfdom. In Milton’s first chapter “The Abandoned Road” he speaks of the history of what we have been founded upon. Individualism speaks to our very core, with the development of Socialism we have been straying too far from what we know, what works. In chapter two, “The Great Utopia”, he speaks about how the French writers who laid the foundations of Socialism call for the control of the people through a strict dictatorship. This dictatorship that would take place will inevitably call for the end of all revolutions of the people so that the government may put its plans into action. Democracy and Socialism have one thing in common: equality. However with Democracy it calls for equality in liberty and freedom whereas Socialism calls for equality through strict...
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...career opportunities of the future. D. are an important source of information about changes in weather and climate. 3. Public schools, charities and government agencies are not classified as businesses because they: A. have not been incorporated. B. do not seek to earn a profit. C. provide services rather than goods. D. do not have any stockholders. 4. In order to make an intelligent investment decision, entrepreneurs should: A. limit their options to those business investments that are backed by the U.S. government. B. invest in businesses that have generated a stable rate of profit for at least the past ten years. C. invest only in business opportunities where it is possible to take an active role in management. D. compare the risks of potential investments to their expected profits and find the right balance between profit and risk. 5. Which of the following entails the greatest amount of risk? A. Working for the government. B. Working for a large business. C. Working for a small business. D. Starting a business. 6. Which of the following policies would tend to foster entrepreneurship? A. establishing a currency that is tradable on world markets. B. establishing more...
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...www. Wikipedia.org The economic problem, sometimes called the basic, central or fundamental economic problem, is one of the fundamental economic theories in the operation of any economy. It asserts that there is scarcity, or that the finite resources available are insufficient to satisfy all human wants and needs. The problem then becomes how to determine what is to be produced and how thefactors of production (such as capital and labor) are to be allocated. Economics revolves around methods and possibilities of solving the economic problem. In short, the economic problem is the choice one must make, arising out of limited means and unlimited wants. Contents [hide] * 1 Overview * 1.1 Opportunity cost and Production Possibility Frontier * 1.2 Needs * 1.3 Wants * 1.4 Choice * 2 See also | ------------------------------------------------- [edit]Overview The economic problem is most simply explained by the question "how do we satisfy unlimited wants with limited resources?" The premise of the economic problem model is that wants are constant and infinite due to constantly changing demands (often closely related to changing demographics of the population). However, resources in the world to satisfy human wants are always limited to the amount of natural or human resources available. The economic problem, and methods to curb it, revolve around the idea of choice in prioritizing which wants can be fulfilled.. and how do we know what to produce for the...
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...Why Socialism is Bad and Doesn't Work 1. Introduction Socialism is a socioeconomic philosophy which has failed everywhere it has been tried. Socialism is bad because it results in large, intrusive and controlling government that diminishes the role and value of individual citizens. While Socialism promises prosperity, equality, and security, it delivers poverty because it promotes victimhood and big government solutions; and it offers a false hope of a utopian society which results in the loss of freedom and the rise of governmental tyranny. Socialism is defined as a centrally planned economy in which the government controls all means of production. Many have come to realize that it was nothing but a catastrophic failure . Socialism was created to remedy the economic and moral defects of capitalism. However, it has far surpassed capitalism in both economic malfunction and moral cruelty. Yet the idea and the ideal of socialism remain as a solution today. 2. History Socialism aims at a social system based on public ownership of the means of production (Von Mises, 1969). Arising in the late Eighteenth and early Nineteenth Century, socialism developed as a reaction to the hardships caused by capitalism and industrial revolution. The premise of socialism is that the government owns and operates all material resources in a social system. Socialism first originated in France and England at about the same time, but as it grew socialism took individual paths throughout each...
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...Lawrance, Alan. China Under Communism. London: Routledge, 1998. Internet resource. This text examines how Marxism took root, flourished and developed within the context of an ancient Chinese civilization. Through analysis of China's history and traditional culture, the author explores the nature of Chinese Communism and how it has diverged from the Soviet model. This book also provides insight into the changing perceptions Westerners have of the Chinese, and vice versa. Features include: assessment of controversial issues - The Great Leap Forward, the Cultural Revolution and Mao's record; coverage of gender and family, ethnicity, nationalism, and popular culture; and the long historical context. This evaluation details how China's political and economic policies have been inextricably linked, and assesses past failures and successes, as well as major problems for the future. White, Stephen. Communism and Its Collapse. London: Routledge, 2001. Internet resource. Ranging from the Russian revolution of 1917 to the collapse of Eastern Europe in the 1980s this study examines Communist rule. By focusing primarily on the USSR and Eastern Europe Stephen White covers the major topics and issues affecting these countries, including: * communism as a doctrine * the evolution of Communist rule * the challenges to Soviet authority in Hungary and Yugoslavia * the emerging economic fragility of the 1960s * the complex process of collapse in the 1980s. Huibing, Zhao, and Zhu Jiangnan. "Social...
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...Unfortunately our hero lived in a Socialist society and he ended up fading into the background. Socialism, as defined by the Merriam Webster online dictionary, is "any way of organising a society in which the government takes control of major industries and distributes goods equally." Keep this in mind it will be important...
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...Compare and contrast the theme of control in The Handmaids Tale and Nineteen Eighty-Four Control is a central theme in both dystopian texts and control is present in both novels. Both societies in the novels are heavily controlled and restricted, but the key difference is in the regime used by the respective governments in each text. In The Handmaids Tale the government’s ideologies are theosophical whereas Nineteen Eighty-Four is based on socialism. These ideologies play a key role in the ways that control is presented in each novel. The governments use different forms of control to maintain their regimes and power and these include: indoctrination through control of hierarchy, language and religion. The governments act as totalitarian regimes which constantly monitor the lives of its citizens to keep them under their control. Orwell took inspiration from the plight of Britain during the time the novel was written; 1948. Britain had just come out of a horrifying war that devastated the world - World War Two - and her economy and overseas relations were in deep water. Britain’s economy was at its lowest in decades and very unstable; her Empire was dissolving in to the common wealth and international relations were quickly turning sour. Similarly to The Handmaids Tale, Nineteen Eighty-Four warns against governments’ overwhelming acquirement of power. Orwell himself was well-versed in the world of politics and strategies deployed by governments to gain control. He was also a traditional...
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...The story takes place on a farm somewhere in England. The story is told by an all-knowing narrator in the third person. The action of this novel starts when the oldest pig on the farm, Old Major, calls all animals to a secret meeting. He tells them about his dream of a revolution against the cruel Mr Jones. Three days later Major dies, but the speech gives the more intelligent animals a new outlook on life. The pigs, who are considered the most intelligent animals, instruct the other ones. During the period of preparation two pigs distinguish themselves, Napoleon and Snowball. Napoleon is big, and although he isn't a good speaker, he can assert himself. Snowball is a better speaker, he has a lot of ideas and he is very vivid. Together with another pig called Squealer, who is a very good speaker, they work out the theory of "Animalism". The rebellion starts some months later, when Mr Jones comes home drunk one night and forgets to feed the animals. They break out of the barns and run to the house, where the food is stored. When Mr Jones sees this he takes out his shotgun, but it is too late for him; all the animals fall over him and drive him off the farm. The animals destroy all whips, nose rings, reins, and all other instruments that have been used to suppress them. The same day the animals celebrate their victory with an extra ration of food. The pigs make up the seven commandments, and they write them above the door of the big barn. They run thus: 1. Whatever goes upon...
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...1. Summarize this article as a prelude to your analysis of your position. This article describes about capitalism through a social observer - Adam Smith because he was neither an economist nor a capitalist. Compare with communism and socialism, he is pleased to see that capitalism has triumphed over them in every part of the world. “Beloved capitalism” is the word that he used to describe it. However, he also condemned some bad influences and problems of capitalism. Instead of praising wealth creation, Smith set out only to describe the conditions in which wealth increases and spreads in a society. He also condemned the extravagance and ostentation of the rich and called for limited measures to alleviate the lot of the poor. Moreover, he provides credible solutions to cure what bad issues in modern capitalism. There are 4 ways that Smith would do in 2012 to improve the system and to modulate income disparities, such as, “. Save the euro and the European Union”, “Fix the US debt and deficit”, “Integrate the emerged markets” and “Educate”. 2. Provide your analysis to either support or oppose the supposed point of view of “Adam Smith” concerning today’s global economic environment Smith is also known for his explanation of how rational self-interest and competition can lead to economic well-being and prosperity. Smith believed that while human motives are often selfishness and greed, the competition in the free market would tend to benefit society as a whole by keeping prices...
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...“Explore the ideas of Karl Marx, discussing his theories and views toward capitalism. Discuss how these matters compare to modern day economic conditions, and consider the ethical and sustainability matters that are raised for today's managers.” Karl Marx; an economist, sociologist, revolutionary and historian, whose theories continue to influence economic thought for managers today. Karl Heinrich Marx (May 5,1818 – March 14, 1883) put forth many theories with regards to economics, politics and society that established the base on which Marxism was formed. His critique of the philosophies of other theorists and critical analysis of capitalism has influenced economic perception, and contributed largely toward the current understanding of capital and labour and the relationship that exists. In Karl Marx’s criticism of capitalism, he discussed many social matters such as ‘alienation’, the dominance by the ‘bourgeoisie’ over the ‘proletariat’; issues with regard to labour, such as the de-skilling and dehumanisation of workers as technological advances came about and capitalists strived to maximise ‘surplus value’ through the ‘exploitation’ of human labour. Although times have changed and this type of work environment is not as common, it is still an ever present situation in places such as China and India where cheap labour is employed to maximise the return for those in ‘control’. Advancements in technology continue, to the extent where the duties of workers can be performed...
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...Week 2 Discussion 1 Discuss how monetary and fiscal policy could have been better leveraged to avoid the recession in the early 2000s. In my opinion, the government should have been more involved and raised taxes on the wealthy earlier. If companies decide to export or import, increase taxes which would possibly stop sending jobs overseas. Discuss how supply and demand would be affected under each of the four degrees of competition (pure competition, monopolistic competition, oligopoly, and monopoly). Give specific examples to support your response. Supply refers to the quantity of products that producers are willing to offer for sale at different market prices. These businesses are seeking to make as much profit as possible (higher market price and less of a product that commands a lower price). Demand refers to the quantity of products that consumers are willing to buy at different market prices (buy more of products with lower prices and less of products higher prices). Pure competition -many competitors selling identical products. Entry is usually for long term. The demand for milk is needed for most consumers. Monopolistic competition - large number of sellers offering similar but not identical products. Entrepreneurs can easily enter this market. There are several retail stores that sell men and women clothes at different prices. Consumers often shop their favor store for quality and some shop for quantity and what's on sell. Oligopoly - a few large firms producing...
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...University June 2011 Project Advisors: Professor Jason Blevins, Department of Economics Professor Jennifer Suchland, Department of Russian Table of Contents Abstract.................................................................................................................................................... 3 Introduction ............................................................................................................................................ 3 1. Macroeconomic Planning in the Soviet Union ................................................................. 5 1.1 The Early Policies of Period One ................................................................................................... 5 1.1.1 War Communism .......................................................................................................................... 5 1.1.2 The New Economic Policy (NEP) ............................................................................................... 9 1.1.3 Democratic Centralism ............................................................................................................... 11 1.2 The Significance of Economic Planning on Living Standards ................................................. 13 1.3 Five-Year Centralized Plans and Effects on National Income ................................................. 20 1.3.1 Trade Imbalances ............................................................................................
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