Question

1. Capitalist Economic System (25 points) A Marxist makes the following points about capitalism: 1. In capitalism, goods that are truly needed, like health care, are under-provided. Production is wasted on unnecessary goods like yachts for the rich. 2. In capitalism, innovation leads to ways to reduce wages and to "deskill” workers. As a result, wages are low and many alienating jobs are created. 3. In capitalism, the rich continually get richer and the poor get poorer. 4. In capitalism, there is a reserve army of workers. These workers escape their miserable condition by abusing drugs and alcohol. 5. Capitalism is subject to recurring periods of recession or depression, during which unemployment is high. 6. Freedom in capitalism is not real freedom since all but the rich are powerless. 7. In capitalism, the government is run by the rich capitalists, not the people. 8. Capitalism leads to monopoly control over industries. 9. Capitalism leads to imperialism and domination over poorer countries. Assume you are a supporter of market capitalism as explained in the course. Draft a reply to the points raised by the Marxist above. Your reply should both refute the points made by the Marxist and should make the case for market capitalism.

Answer 1

Answer:

Socilism is based on government planning and limitations on private controll of resources .In socialist economies , important economic decisions are not left to the market or decided by self -interested individuals .It is the government-which owns or controlls the economy's resources-decides what's, when's how's of production(centrilized planning)

   The shared ownership of resources and the impact of social planning allow for a more eqaul distribution of goods and services.In socialist societies , basic needs are met;a socialist systems primary benefit is that the people living under it are given a social safety net.Under socialism , economic inequality is reduced along with economic in security .There is more room for value judgement under socialism.Socialist economies can also be more efficient , in the sense that there is less of a need to sell goods to consumers who might not need them.

FEATURES

1)Collective ownership

2)Economic,social and political equality

3)Economic planning

4)Positive role of government

5)No competition

6)Work and wages according to ability and needs

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