What You’ll Discover in Capitalism vs. Socialism Comparing Economic Systems
All of the tradeoffs in competing economic systems—capitalism, socialism, and communism—are controversial. These ideologies and systems have shaped how people see the world and the history of modern times. But where does socialism begin and capitalism end? In short, it’s about choice and compromise.
Capitalism vs. Socialism: Comparing Economic Systems
All of the tradeoffs in competing economic systems—capitalism, socialism, and communism—are controversial. These ideologies, and other systems, have undoubtedly shaped our view of the world and modern history. But where does socialism begin and capitalism end? In short, it’s about choice and compromise.
Capitalism Socialism and education are centered on major social issues like taxation, healthcare, and social services. They also raise civil liberties issues that balance individual freedom with the collective safety net and social security. Many people mistakenly believe that economics is all about money. In reality, it is only about the end. The ideal system that balances freedom and security is what economics really is about. Societies have sought the ideal system for hundreds of years. No one has found perfect equilibrium—the debates rage on and economies are in constant flux—but some major contenders have emerged, all of which are variations of capitalism and socialism in differing degrees and combinations. However, it can be difficult and complicated to decide which option, if any is the best, in a definitive fashion.
Comparative economics is about understanding and trying to solve these endless dilemmas. By looking at the many economies around the world—their histories, their failures and successes—comparative economics attempts to uncover the influences, systems, and decisions that can do the most good for the most people. Edward F. Stuart, Northeastern Illinois University’s Professor Emeritus, is here to guide you through this complicated web of theories and values. He is also a specialist in comparative economics as well as Russian and Eastern European studies. Professor Stuart has been traveling, teaching, and learning about these economic systems—in the former Soviet Union, the former Eastern Bloc, China, Scandinavia, and Europe—for more than 30 years. It could even be argued that he was born to be a comparative economist, raised in a household defined by the very debates he analyzes as personified in the libertarian views of his father and his mother’s social progressivism. His family connection to the subject gives him a personal perspective that illustrates his continuing passion for these issues on a global basis.
Economists try to understand the intricate systems of finance, trade, politics, social structures, government, family, geography and many other areas. The 24 insightful lectures of Capitalism vs. Socialism: Comparing Economic Systems will show you the many ways the most influential modern economic theories were developed, how they function (or don’t), and how they manage to operate both together and in opposition to each other, from the rise of Soviet communism to the future of the European Union and beyond. Professor Stuart compares and contrasts the various ways that societies approach economic issues. He demonstrates how even the most controversial economic decision can be simplified to a simple question: “What makes a good country?”
Measuring Success
Professor Stuart clarifies one of the most common misconceptions about an economy: there is no objective way to tell if it is objectively functioning. “good” Or “bad.” Instead, economists have many data points and statistics that can be used to assess the relative health of any system. There are many measuring tools, from GDP (gross domestic product) to unemployment rates to inflation to life expectancy, so there is no shortage. The hardest part is not translating complicated metrics but choosing which ones are most important. Although GDP is often discussed in the media, it is not the only indicator of economic success. While it is common to argue that low unemployment or low inflation are positive for an economy, few can agree on whether they are a good indicator of economic success. Professor Stuart noted that “people can argue forever using whatever statistics prove their point.”
What if we can’t draw any definitive conclusions from all the information? How do we know when an economic is performing? “works”? Which is more important: economic equality or rapid development? What is more important, low inflation or high infant mortality rates? As you progress through the history of capitalism, socialism, communism, and mixed-economies—and look at their manifestations across the world today—Professor Stuart will demonstrate that absolutes in economics are much like those in culture or politics: impossible and ultimately unhelpful. Instead, economies find balance by comparing and compromising, which can lead to stagnation, growth, or even collapse in certain cases.
The Paradoxes and Prosperity
The study of economics may seem superficially like a game of numbers, as it relies on large-scale, unpersonal statistics to help focus attention on broad trends. This is what it looks like. “big picture” Sometimes this approach can lead to the conclusion that human costs of prosperity are simply the cost associated with doing business. Exploitation and slavery. Unsafe working conditions Child labor. Government oppression. These and other issues should not be ignored. Capitalism Socialism vs. You will travel across centuries and all over the globe to see both sides of this story. This includes exploring the history of economic systems as well as the people and groups who shaped them. These include famous industrialists like Josiah Wedgewood, prominent economic thinkers like Adam Smith, Karl Marx, Stalin, FDR, Otto von Bismarck, and many other workers and citizens whose labor and time form the backbone any economy.
People are the true heart of economics. It is not surprising that economic systems are full of paradoxes. Professor Stuart will take you through the many changes in modern economics. He explains how there are both advantages and disadvantages to every system. However, unexpected or counterintuitive elements can create roadblocks. These paradoxes include:
- In free market systems, strong government is necessary. A strong central government is essential to ensure that large-scale capitalist enterprises are successful.
- The “paradox of thrift.” Although it’s smart for businesses and individuals to build cash reserves in order to survive a downturn, it can have a negative impact on total spending, income, production, and employment.
- More money doesn’t equal more spending. It is also known as “marginal propensity to consume,” Wealthy people have unstable spending habits while those with less income will spend almost all of it.
- “All animals are equal, but some animals are more equal than others.” Professor Stuart explains how in his allegory novel Animal FarmGeorge Orwell highlights the irony of communism as it exists in practice. While everyone is equal, a hierarchy of power still exists.
Economic Histories
Capitalism Socialism and communism are often viewed as being in conflict. But if you look at their history and evolution, you’ll see that they are actually inextricably linked. Many social, political and religious factors all played a role in the rise of capitalism during a period of more democratic political systems emerging from the shadows of feudalism. In turn, modern socialism is the direct result of the pitfalls of free-market capitalism in the 18th and 19th centuries—the exploitation and dangerous, impoverished conditions workers were often subjected to inspired reformers and political thinkers to envision new ways to create a better, more equal society. Other countries took the socialist ideology to extreme with authoritarian communism. Professor Stuart examines these systems and their history, revealing the strengths and weaknesses of each system and showing why there isn’t a pure capitalist or pure socialist system in the world today.
Professor Stuart will guide you through the evolutions and origins of economic thought. He will show you how to look at the most important economic experiments and failures over the past few centuries. This includes the creation of American socialist experiments, the profound economic consequences of World War I, the Great Depression, the instabilities of post-war markets, and the rise and fall Soviet communism. You’ll also learn about the mixed-model economies of Europe and the rising tide of Asian market economies. He also shares personal stories that reveal unexpected connections between economics, culture, and other aspects of modern life. You will be able to find answers to such questions as:
- Where can phrases like “when my ship comes in” “there’s no such thing as a free lunch” originate?
- What is the correlation between economic growth and average physical height in a population?
- Why is the role of the goldsmiths from the middle ages so significant in the history and economics of modern economies?
- The money-back guarantee concept is from where?
- What’s the connection between the socialist experiment of the 19th century and the microwave?
- How did novelists such as Upton Sinclair and Theodore Dreiser influence arguments about various economic systems?
- What can rock music and the Rubik’s cube tell us about post-World War II capitalism?
The End of History?
Let’s see what happens in the end Does What makes a society a good one? How can we predict the future of global economies if every country, each community, and every person on the planet assigns a different value the tradeoffs between social solidarity and individual liberty that determine economic systems? Many economies are interconnected and each has its advantages and drawbacks, which cannot be objectively quantified.
Professor Stuart points out that we are not at history’s end. Many of the questions we continue to ask will be asked long into the future. Comparative economics is not the end of history. “final” form of human government or the ultimate economic plan, but rather the opportunity to uncover the ways societies have shaped—and will continue to shape—the world to fit the boundless ideals that make a good society, and what each option can tell us about ourselves, the world we live in, and the world we want to create.
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