Introduction to Economics and Global Capitalism Essay

Total Length: 655 words ( 2 double-spaced pages)

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My impressions of the debate

Listening the debate one cannot fail to see that there are major differences in perception of how socialism should work and if, addressing the primary question of the debate, socialism has failed. In general, my impressions on the debate is that, while socialism has proven to be a failure, we cannot in the modern day society, avoid the incorporation of some aspects of socialism. For example, the tax scheme all over the globe is oriented to a socialism idea of wealth distribution, and with particular reference to the United States, the welfare scheme is oriented to the socialism ideology of taking from the Haves and giving to the Have-nots.

The other major impression generated from this debate is the fact that, a society cannot run entirely on each of the two ideologies; capitalism and socialism. While the general economy can run on capitalism, the social fabric of any society should adopt various aspects of socialism to ensure equity, a role that should be undertaken by the government of the day. However, the balance between capitalism and socialism is still a contagious issue. For example, the aspects of private property form a primary talking point in the discussion on whether private property should be and how it should be with regard to the ideology in place (TOP Wonks, 2012).

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Personally, I think that private property cannot be overlooked as it part of the drive in a capitalist oriented economy, but then, the relevant tax policy should be instituted for fair wealth distribution.

Relevancy of the discussion

The primary discussion question on whether socialism has failed is rather straightforward and frankly common talk, because socialism as an economic ideology has failed terribly. However, the discussion on what lessons are to be learnt from the failure of socialism for all global economics is the most relevant part of the discussion. It is important that economies and governments understand and strike the right balance between capitalism and socialism to ensure effective, efficient, and smooth running of the society as a singular unit of administration. Within every society, there will be the Haves and the Have-nots, and it is important that the Have-nots are adequately provided for, at least on their primary needs to ensure a cohesive society. To do this, it requires knowledge on the excesses of capitalism, and the detriments of socialism. This therefore….....

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References
Top Wonks, (2012). Samuel Bowles, The Failure of Socialism. YouTube. Retrieved from https://www.youtube.com/watch?v=wXIyPktGLu0 on 30 January 2018
 
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