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How socialism influenced the economic development of the modern world? -…
How socialism influenced the economic development of the modern world?
Main Idea:
Supporting idea 2:
The former Soviet Union is an example of a socialist system. They transitioned from a capitalist to a socialist government until 1991.
Details/examples: You can think of this as everything being owned by the public. It's also called common ownership. So, the government, rather than corporations, regulates everything from your wage to healthcare The theory of socialism was developed by Karl Marx. To get a better idea of socialism, it can be helpful to look at some of the elements.
References: WordFinder.com,
https://examples.yourdictionary.com/examples-of-socialism.html
Supporting idea 1:
Socialism is, broadly speaking, a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government
Details/examples: Socialism is based on the idea that common or public ownership of resources and means of production leads to a more equal society.
References: Society, Socialism, 2022 National Geographic Society,
https://www.nationalgeographic.org/encyclopedia/socialism/
Main idea 2:
Supporting idea 2: Benefits of socialism:
Details/examples: A welfare state which provides a minimum basic income for those who are unemployed, sick or unable to work maintains a basic living standard for the poorest in society and helps to reduce relative poverty.
References: Pettinger
T,
https://www.economicshelp.org/blog/147271/economics/pros-and-cons-of-socialism/
Reduction of relative poverty
Free health care
Diminishing marginal utility of income.
A more equal society is more cohesive
Socialist values encourage selflessness rather than selfishness
Benefits of public ownership.
Supporting idea 1: governments are charged with redistributing wealth and narrowing the gap between the poor and the rich.
Details/examples: Cuba has a mostly state-run economy including a national healthcare program, government-sponsored education free for its citizens at all levels, subsidized housing, utilities, entertainment, and even subsidized food programs. Together, these social programs are meant to compensate for the low salaries of Cuban workers, making them better off than their international counterparts in many other countries.
References: Ivestopedia,
https://www.investopedia.com/articles/investing/081514/socialist-economies-how-china-cuba-and-north-korea-work.asp#:~:text=Contrary%20to%20capitalism%2C%20socialist%20market,the%20poor%20and%20the%20rich
.
Thesis: socialism decreases wealth disparity not only between locations but also across all societal ranks and classes. Thanks to this government's controlling of practically all of society's functions, it can make better use of resources, labor, and land.
Supporting idea 1: Socialism improved a lot the working class and creating a more egalitarian society.
Details/examples: Socialism describes any political or economic theory that says the community, rather than individuals, should own and manage property and natural resources. Socialism emerged as a response to the expanding capitalist system. It presented an alternative, aimed at improving the lot of the working class and creating a more egalitarian society.
References: History.com, OCT 10, 2019
https://www.history.com/topics/industrial-revolution/socialism
Supporting idea 2: Everyone, including those who are unable to contribute, is guaranteed access to basic goods under the communist system. As a result, the system contributes to the reduction of poverty in society.
Details/examples: Socialism is a system in which every person in the community has an equal share of the various elements of production, distribution, and exchange of resources. Such a form of ownership is granted through a democratic system of governance. Socialism has also been demonstrated through a cooperative system in which each member of the society owns a share of communal resources.
References: 2022 CFI Education Inc. socialism
https://corporatefinanceinstitute.com/resources/knowledge/economics/socialism/
Conclution:
Supporting idea 2: Socialism minimize poverty levels in the society.
Details/examples: n democratic socialism, factors of production are under the management of an elected administration. Vital goods and services such as energy housing, and transit are distributed through centralized planning, while a free market system is used to distribute consumer products.
References: CFI,
https://corporatefinanceinstitute.com/resources/knowledge/economics/socialism/
Supporting idea 1: Socialism reduces disparity in wealth, not only in different areas, but also in all societal ranks and classes.
Details/examples: Socialist systems have a number of policy tools to help them achieve these goals. Nationalization of key industries such as mining, oil, and energy allows the state to invest directly, set prices and production levels, publicly fund research, and avoid exploitation.
References: Oer service,
https://courses.lumenlearning.com/suny-internationalbusiness/chapter/reading-the-benefits-of-socialism/