1.
Summary
Economics is the way people
use the environment to meet their material needs. As society grew and became
more complex, the concept of economics expanded, and from the 16th century
today's capitalism began to evolve gradually. The economics of capitalism
developed from interactions in goods, money, labor, production methods,
production, and five categories. Capitalism is controlled through the price of
goods and services (demand, supply, and competition). In capitalist countries,
the government regulates service standards in various industry sectors and
funds various programs. Individuals can also work wherever they want. However,
some critics argue that capitalism has something to do with the unfair
distribution of wealth and power. Marx, in particular, says the value of the
exchange of labor reflected in wages is less than that produced by capitalists.
Like this, most socialists share the view that capitalism creates unequal
societies and focuses only on power and wealth. Then there comes a socialist
society that features equal access to resources for all individuals with
compensation methods based on the amount of labor consumed. However, there were
criticisms that socialist economic and political models were incompatible with
the freedom of civil society.
2.
What is interesting / what did you learn
I think it is interesting
that the United States increased its support for socialism in a poll conducted
during the financial crisis. In fact, I think of America first among capitalist
countries. So I thought Americans were very proud of their society. But it was
surprising that such a bad situation affected the support of socialism because
many people were hit by the financial crisis.
3.
Discussion point
I think there are advantages
and disadvantages to capitalist and socialist societies. There were Germany,
the Soviet Union, and China in the socialist countries. But over time, socialist
countries gradually disappeared, not all. Why do you think while a capitalist
country continue to flourish, a socialist country failed to maintain its
system?
I think the reason why socialist countries have failed to maintain their regime is that their competitiveness has weakened in the world over time. They were slower in economic growth than in capitalist countries, and people in frustrated socialist countries changed their beliefs and changed their minds to capitalism to revolutionize or change their governments.
ReplyDelete