Q. Soviet socialism, Western welfare capitalism, and the combined processes of national liberation and industrialization were built on promises of more equality and increased well being. Why and when did these three projects fail?Socialism, as conceptualized by the classical Marxists refers to an economic system governed by social and collective ownership of the production machinery where workers democratically control economic resources as well as economic decisions (Hunt, and Sherman, 1990).
The system is characterized by society-wide planning that helps in coordinating economic decisions at all levels putting emphasis on democratic ideals in determining the criteria of economic rationality (Yates, 2003). Capitalism, just like socialism, utilizes the willpower of the people, whose actions in a free market free from interventionists’ policies foment economic activity that is gainful to all. The system is based on the assumptions that individual operations within the economy are driven by self-interest that ultimately helps them and propel the wheels of the economy towards prosperity (Schweickart, 2002).
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