BUS 102 Part One Quiz

Throughout Europe, people of all different classes and moralities had different views of socialism and how it should be achieved/expressed throughout time in that area. An economic and political system based on collective or state ownership of the means of production and distribution is known as socialism. Socialism branched from Republicanism in the early 19th century, because people came to disapprove unequal distribution of wealth and goods. Socialists wanted equal rights for all, but they were opposed to upper class people who received more income for less work with little impact on society. A socialist economic system is the representation of attempting to eliminate economic inequalities and exploitation. Goals of this would be ending

Nations have debated on which economic direction their country will direct its footsteps since the creation of societies. The United States, being one of the most stereotypical capitalistic nations, began as a Laissez-faire nation, but throughout the centuries America’s economic standpoint has shifted more into Socialism rather than Laissez-faire. The second largest economy in the world, China, is widely understood as being a socialist country, however, for the past years they have been inclined towards a more capitalist nation, but are still officially socialist. Socialism and Laissez-faire both have fatal flaws, but both concepts can be blended and pragmatic to the new millennium while having a positive future.

Marx believes a totalitarian state is a necessity in the beginning stages until a classless society is achieved; he is indifferent to limitations on the power of the government because he knows society will not willingly change their ways for the greater good (Marx and Engels, 1969). Marx recognizes the desire for society to change and his structure for the future is clearly outlined in his works. A socialist system will teach people to be selfless and lead to destruction of class distinctions. The main goal is to reduce the unequal distribution of wealth achieved through exploitation of the workers by the bourgeois class. Marx viewed capitalism as a flawed system which teaches human nature to pursue selfishness. For example, people are less willing to produce and sell their commodities if it bears no monetary generation. There is an overwhelming want by people to make money and it hinders the development of technology.

19. _______ is a situation in which one country is more efficient at producing a product than any other

A country needs to export more than import in order to maintain a good working economy. Wealth and power equal more export than import in a country’s trading system

- socialism: a society having no private property, everything in the society is owned by someone or a business

•Mercantilism to centralize the economy, more easily keeping it under government control, and encourage trade which lessens the need for direct taxes on citizens

What are three economic stances that a government may have? Describe each of these stances.

     Throughout history, there have been many systems developed in order to have a better society. Two of the most analyzed, and debated systems that have tired to change an economy for the best are communism, and capitalism. Communism, and capitalism have been compared on many levels, such as why they will or will not work, and which one works better. Throughout this essay I will concentrate on the differences, and similarities of how each operates, along with the benefits, and problems that each of them produces.

Allan H. Meltzer’s article about socialism published in 2016, titled: Fail and Fail Again: Like a Bad Penny, Socialism Keeps Coming Back is a piece that is effective in displaying many faults within a socialist government. Meltzer shows that socialist governments are proven to fail, while capitalist countries in contrast have a long history of prosperity. Meltzer’s method of displaying this fact and persuading the audience is strong and his thesis is sound. In the use of historical examples, logical explanation, and repetition, he effectively sways the audience’s opinion to his viewpoint.

What are three economic stances that a government may have? Describe each of these stances.

To close, in addition to granting the fundamental rights to citizens and facilitating change and progress, a constitutional democratic republic also allows for more economic innovation and motivation. As previously mentioned capitalism influences nations in a constructive manner that encourages hard work and individuality. Capitalism is the economic center of a constitutional democratic republic. Its progressive power and economic potential can be seen through China’s economic boost in the late ‘90s to the present day as they began to adopt a capitalist mindset (Coase). Capitalism also embodies the concern for an apathetic citizen population, specifically in the workforce. This issue is the driving concern for socialism in the United States

To enhance a more capitalistic economy, I believe some of the more burdensome provisions that hinders

The first topic is really socialism versus capitalism. Do we, in the current state of economic problems and deficit, allow the government to become more involved in our economy to try to boost it, or do we have them back out and therefor leave the economy to the civilians. By allowing the government to become more involved in the economy we would of course be increasing taxes to pay for the programs that will be the involvement. This is going to put more hardship on companies and individuals by lowering the amount of their income that actually reaches their pockets. Allowing the government to become more involved is going to be very useful in the short term, but will ultimately hurt everyone in long term.

Influenced by Marx, the goals for the reformed party called for at most the abolition of capitalism and at the least for a welfare state, eight-hour workday, and genuine parliamentary democracy.