Francis Spufford's Red Plenty: An Analysis

The Russian state has been characterized by its strong heritage of powerful, autocratic leadership. This domination by small ruling elite has been seen throughout Russia's history and has transferred into its economic history. Throughout the Russian czarist period, to the legacy of seventy years of communism; Russia has been a country marked by strong central state planning, a strict command economy and an overall weak market infrastructure (Goldman, 2003). Self-interest, manipulation and corruption have all been present in the Russian economy, and have greatly helped the few as opposed to the many. To this day, Russia still struggles with creating a competitive and fair market.

The Communist Manifesto left a tremendous impact on a society that was rapidly becoming industrialized, and its effects can even be seen on the dominating economic system of the twenty-first century. In the later nineteenth century, however, industrial capitalism was on the brink of ruin. “On many occasions during the past century, Marxists have thought that capitalism was down for the count . . . Yet it has always come back with renewed strength.” Industrial capitalism succeeded in the face of communism, despite numerous economic disasters. As the capitalist economists hopefully noted at the time, these economic earthquakes, temporary in character, soon cured themselves and left capitalism unscathed. Karl Marx sought to create

Modern economic society can be described as a combination of certain points from several theories combined into one. Changing dynamics and economic needs of nations has spawned a development of various, and contrasting, economic systems throughout the world. Perhaps the two most contrasting philosophies seen in existence today are that of capitalism and communism. The two philosophers most notably recognized for their views on these economic systems are Adam Smith and Karl Marx. This paper will identify several fundamental aspects of economic philosophy as described by Smith and Marx, and will compare and contrast the views of these

Unlike Keynes, Hayek, in his book The Road to Serfdom, points out that any form of government intervention is dangerous and leads to serfdom. He argued that central government planning leads to serfdom or servitude which destroys personal freedom. Society has tried to ensure continuous prosperity by centralized planning which leads to totalitarianism. For example, socialism was supposed to be a means of assuring equality through restrain and servitude whereas democracy seeks equality in liberty-personal freedom and economical freedom. On the other hand, planning which is coercive is the least method of regulation where as cooperation of free market is superior because it is the only method that can adjust our activities with each other without the intervention of the authority. Furthermore, he argued that central planning is undemocratic because it imposes the will of the minority upon the majority. In pursuing their centralized goals, they take money or properties of the majority thus, destroying individual freedom. In addition, centralized planning reduces the individual to merely a means to be used by the authority as well as, giving away individual’s economic liberty. Unlike centralized planning, an open society offers more personal and economical freedom even to the very poor. He concluded by saying “The guiding principle that a policy of freedom for the individual is the only truly progressive policy remains as true today as it

The planning that Hayek refers to goes back to an enforceable legal system in addition to the tools needed for a free marketplace. Hayek states that even with a capitalistic society, there should be a safety net. He points out that new technology often displaces workers from their jobs. Part of this safety net would include unemployment benefits which would provide a basic standard of living. Hayek believes in this type of security for the people since the economy can oscillate greatly. ¡§¡Kthe very necessary efforts to secure protection against these fluctuations do not lead to the kind of planning which constitutes such a threat to our freedom.¡¨ (Hayek 135).

Prior to the popular use of the market, two other solutions were used for economic problems. Heilbroner explains how useful the traditional and command economy are. Beginning with traditon, which is identical to the characteristics of the primitive. This solution

This topic in itself can be broken down even further. First, the flaws with the "current" system in respect to the bourgeois and proletariat will be shown, which will reveal the problems in the relationship between individual and society. Secondly, the way that communism addresses these issues, and the rights of the individual, as seen through the manifesto, will be elaborated on in great detail.

In contrast, the economy within societies based on tradition lies on procedures designed in the past and maintained by shared customs and beliefs which are extremely powerful (Helibroner 8). For a society based on commands, there is always an imposed authority or an economic command. The economic problems are solved according to the commander’s decisions (Helibroner 10). This is the very first time in human beings’ history that economy is run by markets, making the transformation to market society appear to be unprecedented (Polanyi 43).

Accordingly, one idea or fact that is often raised to differentiate socialism from communism is that socialism in general is the political movement that refers to an economic system in that they believe that the state should be in charge of all important producing industries thus taking hold of the control of free market in order to promote economic parity and egalitarianism. Theoretically, socialism seeks to distribute wealth equally among its citizens in a way that the rich don’t take

Karl Polanyi rejects utilitarianism making a base of an economics, while he estimates highly Jeremy Bentham’s thought; that is, poor relief in the Panopticon plan as a factor of a kind of socialism. The Panopticon seems to same as the function of a central bank asked for the double movement in the monetary realm by Polanyi. Therefore, Polanyi shares the need for social organization restricting the self-regulating market with Bentham; moreover, both thinkers envisage the creation of a society which treats labour and money without the

The specialised critique of capitalism found in the Communist Manifesto (written by Karl Marx and Fredrick Engels), provides a basis for the analysis and critique of the capitalist system. Marx and Engels wrote about economical in relation to the means or mode of production, ideology, alienation and most fundamentally, class relations (particularly between the bourgeoisie and the proletariat). Collectively, these two men created the theory of Marxism. There are multiple critiques of Marxism that attack the fundamental tenants of their argument. Several historical events have fueled such criticisms, such as the fall of the Soviet Union, where Marxism was significantly invalidated and condemned. On the flip side, Marxism has been widely supported in times of capitalist hardships. What viewpoint a person will hold towards Marxism is largely dependable on the economical environment in which they live. Further, it is also important to remember that Marx and Engels lived in a very different era than today’s society, and the concept of capitalism may have arguably changed quite a lot over time. Therefore, the principles found in the Manifesto may often have to be refurnished and reapplied to fit different economic environments.

This section argues that the lower classes are under pressure of their owners and that the lower class can be able to achieve their goals to overcome their problems by the formation of unions or riots. It also states the capitalism should be overthrown because communision is the only way for equality among the people. In the third section of the Communist Manifesto, “Socialist and Communist Literature,” the authors discuss the differences of communism and other socioeconomic systems. In their conclusion, “Position of the Communists in Relation to the Various Opposition Parties,” briefly discusses countries that were taking action toward becoming a communist country. It ends with the authors calling for the communist revolution.

Karl Marx, in the Capital, developed his critique of capitalism by analyzing its characteristics and its development throughout history. The critique contains Marx’s most developed economic analysis and philosophical insight. Although it was written in 1850s, its values still serve an important purpose in the globalized world and maintains extremely relevant in the twenty-first century.

Firstly, background to the rise of the Soviet Union is examined. Keenan states that the Communists rose to power on ideas which denounced capitalism and

For many nations, it is essential to choose a system of organization that successfully and thoroughly meets the needs of all the people. While some countries have supported the idea of communism and strong government intervention in the economy, others have limited the role and power of their governing body in the marketplace. For instance, in the United States, the government has a small role in the planning and monitoring of their economy. Individuals compete heavily against one another to receive the maximum profit for themselves in an sufficient manner. The former USSR, on the other hand, used large amounts of government control to restrict competition and control the output and distribution of the goods